Kathy Marinello spoke at Fortune’s Brainstorm Reinvent in 2018.

Kathy Marinello spoke at Fortune’s Brainstorm Reinvent in 2018.

Photo via Flickr, Stuart Isett/Fortune

Hertz Global Holdings, Inc. today announced that its board of directors has named Paul Stone president and chief executive officer, effective immediately. Stone, most recently Hertz's executive vice president and chief retail operations officer, North America, also has been elected to the Hertz board of directors.

Stone succeeds Kathryn V. Marinello, who plans to continue with the company in a consulting position for up to one year to support a smooth transition.

The leadership change comes as Hertz faces a May 22 deadline to restructure leases for its rental car fleet with lenders.

"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."

Keizer continued, "We also want to thank Kathy for her contributions as an exceptional business leader. Since joining the company in January 2017, she oversaw a successful operational turnaround, transformed Hertz's culture, and built a best-in-class leadership team. The Board wishes her all the best."

"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 Marinello. "I am confident that under Paul's leadership, Hertz will prosper long into the future."

"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."

Stone, 50, began his 28-year career with Sam's Club/Walmart as a store manager and was quickly elevated through the ranks to Western U.S. divisional senior vice president. He led operations for upwards of 200 locations with more than 30,000 employees.

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.

In addition to car rental, the scope of his responsibilities included Hertz's Transportation Network Companies and car sales businesses.

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