Hertz Names Mark Fields Interim CEO; Paul Stone COO

On Oct. 5, Hertz announced it has named Mark Fields interim CEO and Paul Stone president and chief operations officer. The news comes more than a year after former CEO Kathryn Marinello left the company.

Effective immediately, Hertz says the new appointments are part of a vision for an all-new Hertz that combines the company's brand strength and global fleet expertise with new technology and innovations that are leading a new course for travel, mobility, and the auto industry.

"It's an incredibly exciting time for Hertz, and we couldn't be more thrilled to have Mark's leadership, first as a board director and now as interim CEO," said Greg O'Hara, founder and senior managing director at Certares and Hertz's chairman of the board. "Mark's extensive background in auto and technology will be critical as we remake Hertz for the future. We are building from a renewed position of strength to reimagine the future, and Mark's continued leadership on the board and stepping in for the moment as interim CEO are important next steps to take us there."  

Fields joined Hertz's Board of Directors in June. He also is a senior advisor at TPG Capital and former president and CEO of Ford Motor Company, where he served for 28 years. In addition, he is lead independent director of Tanium and serves on Qualcomm's Board of Directors.

"Hertz is a global icon, and I'm honored to help lead the company into its next 100 years," said Fields, who will work with the board to implement the company's strategic vision and lead Hertz's interactions with the investment community. "Hertz's unmatched global footprint will be combined with forward-looking investments that completely change the face of travel and mobility. The world is going to be hearing a lot from Hertz in the weeks and months ahead."

Stone, who formerly was Hertz's CEO, will partner as the company's president and chief operations officer. He will be focused on operations and customer service. 

"The Hertz Board is deeply grateful to Paul for his service to the company during the restructuring process," said O'Hara. "We were delighted that Paul decided to continue working with Hertz in a senior leadership role."

Hertz has restructured its business and posted strong Q2 results as travel rebounds.