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Hertz plans to add three candidates nominated by Carl Icahn to its board of directors in a move that will avert a proxy battle with the activist investor.
The Naples, Florida, company said Thursday that three of its current board members will retire when the new appointees take their seats.
Icahn owns about 8.5 percent of Hertz and has said he wants to meet with management of the car rental company to discuss its accounting issues and operating problems.
The agreement comes on the heels of the resignation of Hertz Chairman and CEO Mark Frissora.
Shares of Hertz Global Holdings Inc. rose 1.6 percent in after-hours trading, to $28.18.