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Hertz's board this week appointed EVP and North American chief retail operations officer Paul Stone as president and CEO, succeeding CEO Kathryn Marinello.
Hertz chairman Henry Keizer in a statement said 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 previously was 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.
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