Hertz Drops 2020 Executive Pay Plan Judge Called Offensive (1)

Hertz Global Holdings Inc. dropped its plan to hand out as much as $5.4 million in executive incentive bonuses this year after the judge overseeing the company’s bankruptcy called the idea “offensive.”

Instead Hertz will push forward with an $8.2 million bonus program for less-senior managers, designed to motivate them while the company reorganizes in bankruptcy, the car renter said in a court filing Wednesday. Hertz may try again to give the executives a bonus next year, the company said.

“In the face of the court’s strong statements, the debtors seriously considered abandoning the incentive plans altogether,” Hertz said in ...