New CEO needs to take Hertz into New Normal

Car rental group Hertz Global Holdings has appointed Paul Stone President and Chief Executive Officer, with immediate effect. Hertz Global Holdings operates the car rental brands Hertz, Thrifty and Dollar. 

Paul Stone was the Executive Vice President and Chief Retail Operations Officer for North America. He succeeds Kathryn V. Marinello, who resigned last week, according to a regulatory filing with the U.S. Securities and Exchange Commission. She plans to continue with Hertz in a consulting position for up to one year to support effective transition.

Paul Stone, 50, needs to guide Hertz out of the very challenging COVID-19 crisis and back into the New Normal. The company has severe financial issues, accelerated by a decline in business due to the COVID-19 travel restrictions.  "It is a tremendous honor to have the opportunity to lead Hertz," Stone said. "I thank Kathy and look forward to working with my colleagues to do what Hertz people do best – anticipate where transportation, mobility and technology are going and innovate to best serve our customers, stakeholders and communities."

Paul Stone began his 28-year career with Sam's Club/Walmart as a store manager and was quickly elevated through the ranks to Western US divisional senior vice president. Prior to Hertz, he served as senior vice president and chief retail officer at Cabela's, one of the leading outdoor outfitter retail companies. Stone joined Hertz in March 2018 to lead the Company's North American car rental operations, which encompassed approximately 4,500 locations and 27,000 employees.

Picture copyright: Hertz Global Holdings, 2020.