Hertz's board this week appointed EVP and North American
chief retail operations officer Paul Stone as president and CEO, succeeding
Kathryn Marinello.
Hertz chairman Henry Keizer said in a statement the decision
came after "an ongoing succession planning process", and Marinello
plans to stay with Hertz for up to a year in a consulting role.
Marinello, a former GE executive, has led Hertz since
January 2017, and Keizer said she "oversaw a successful operational
turnaround, transformed Hertz's culture and built a best-in-class leadership
team." BTN named her as one of its 25 Most Influential due to her
efforts in the company's turnaround prior to the Covid-19 crisis.
Stone joined Hertz in March 2018 to lead its North American
car rental operations. He was previously an executive with Sam's Club/Walmart
and outdoor outfitter retail company Cabela's. He steps into the position as
Hertz is negotiating with lenders to avoid bankruptcy, as it works to
restructure lease payments amid a collapse in demand due to the Covid-19
crisis.