Hertz Global Holdings Inc. promoted the head of its North American car-rental operations to lead the company as its CEO leaves in the midst of efforts to ward off bankruptcy.
Paul Stone, a Hertz executive vice president and chief retail operations officer, becomes CEO immediately after the resignation of Kathryn Marinello, according to a statement. The company has until May 22 to restructure lease payments with bondholders and has cast doubt on its ability to pay debt obligations and continue as a going concern.
Marinello, 63, was in the top job for just under three-and-a-half years, and Stone, 50, will be Hertz’s fifth CEO since 2014. He spent almost three decades at Walmart Inc. and was chief retail officer at outdoor-gear retailer Cabela’s Inc. before joining Hertz in March 2018.
Hertz shares closed Monday’s trading up 20 percent to $3.17. The stock has plunged more than 80 percent this year.
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