PARK RIDGE, N.J. (AP) _ Frank A. Olson will retire as chief executive of the Hertz Corp. on Dec. 31 after a 23-year tenure, but continue as chairman of the car rental company.

Craig R. Koch, president and chief operating officer, will succeed Olson as CEO.

Olson, a 35-year veteran at Hertz, has also held senior positions with two of the company's former parent companies, RCA Corp. and Allegis Corp.

The announcements came as Hertz reported third-quarter earnings of $139.0 million, an increase of 17 percent from the $118.7 million generated for the same period last year.

The latest quarterly profit amounted to $1.28 per share, up from $1.09 a year ago and better than most Wall Street analysts were forecasting.

Third-quarter revenues rose nearly 10 percent to $1.345 billion, up from $1.225 billion for the same period last year.

Hertz, based in Park Ridge, N.J., operates from 6,300 locations in the U.S. and more than 140 countries.