Retired Hertz Managers Fight Bonuses for Current Leadership Team
- Former general counsel, managers say bonus squanders cash
- U.S. Trustee also objects to $5.4 million bonus proposal
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Hertz Corp. should be blocked from paying as much as $5.4 million to 14 top executives because the proposed bonus program would “potentially squander limited resources,” a group of retired company managers said in court papers.
Paying top managers a bonus while in bankruptcy may make it impossible for Hertz to honor the $5.6 million in deferred compensation owed to the seven retired executives, including the car renter’s former general counsel, Paul M. Tschirhart, according to the objection filed in U.S. Bankruptcy Court in Wilmington, Delaware.