Hertz appoints new Icahn-approved CEO, but stock sinks

Hertz names Marinello to become CEO on Jan. 3

Shares of Hertz Global Holdings fell more than 4 percent in extended trade after the company said John Tague will step down from his post as president and CEO of the company.

Kathryn Marinello will become the new president and CEO of the company, effective Jan. 3. Carl Icahn, chairman of Icahn Enterprises, the company's largest shareholder, praised the move, commending Marinello's experience.

"I am excited about Hertz and its prospects with Kathy at the helm," he said. "Kathy has a history as a proven CEO, and I believe she is the right person to lead Hertz as we move forward. Her consistent track record of successes in consumer and financial services, as well as technology businesses, is impressive."

Marinello previously served as chairman, president and CEO of Stream Global Services from 2010 to 2014. She has also served as a senior advisor of Ares Management since March 2014.

The company also announced that its three longest-serving directors have opted to leave the board on Jan. 2 with Tague.

Hertz is down 55 percent year to date.