Hertz Names Its New CEO

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U.S. car rental firm Hertz  (HTZ) - Get Report appointed Paul Stone as its new president and CEO.

On Monday, the company issued a press statement announcing the change. Stone, 50, has replaced Kathryn V. Marinello.

"After an ongoing succession planning process, the Board elected Paul to lead Hertz's next chapter," said Henry R. Keizer, Hertz's Chairman. "Paul brings a customer-centered approach to growing the business that is driven by process excellence and employee engagement. Having successfully run our largest business segment for the last two years, Paul helped strengthen our brands by elevating service standards across the North American car rental operations." 

Stone joined Hertz in March 2018 to lead the company's North American car rental operations. Prior to Hertz, he served as Chief Retail Officer at Cabela's, an outdoor outfitter retail company. Before that, he had a 28-year career with Sam's Club/Walmart as a store manager transitioning to become Western U.S. divisional senior vice president.

The company said that Kathryn Marinello will continue working with the company in a consulting position for up to one year to support a smooth transition.

"The hardest part about stepping down is leaving the amazing employees that have earned my respect over the last three-and-a-half years. It was an honor to serve them," said Kathryn Marinello. "I am confident that under Paul's leadership, Hertz will prosper long into the future."

The company recently warned that the ongoing coronavirus pandemic has created doubt about its smooth functioning

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