Shares of Hertz World on Tuesday have been up by as a lot as 13.3% after the automotive rental firm named former Ford CEO Mark Fields as its interim chief govt officer.

Fields, who led Ford from 2014 to 2017, joined the Hertz board of administrators in June. He’s a senior advisor to TPG Capital and a CNBC contributor.

Hertz mentioned Fields succeeds Paul Stone, who’s turning into president and chief operations officer.

The appointments are efficient instantly, in keeping with the corporate.

Hertz is at a necessary stage after its emergence from chapter in June. The corporate’s operations have been devastated final 12 months by the coronavirus pandemic, forcing it to restructure and shed debt.

“Hertz’s unmatched international footprint can be mixed with forward-looking investments that utterly change the face of journey and mobility,” Fields mentioned in an announcement. “The world goes to be listening to lots from Hertz within the weeks and months forward.”

Shares of Hertz jumped by 11.4% to $22.45 as of 11:15 a.m. Tuesday.

In Could, Hertz mentioned a bunch of traders, together with Knighthead Capital Administration, Certares Alternatives and Apollo Capital Administration, have been funding the corporate’s exit from Chapter 11 chapter and a $6 billion turnaround plan.

Fields just isn’t essentially referred to as a turnaround professional. He spent 22 years at Ford earlier than being ousted from main the automaker in 2017 as a result of firm’s lagging inventory worth and lack of a stable imaginative and prescient for the automaker relating to electrical and autonomous automobiles.

At Ford, he succeeded former Boeing Business Airplanes CEO Alan Mulally, who’s credited with turning across the automaker’s operations and protecting it out of chapter through the Nice Recession.