Hertz Global Holdings, Inc. announced Sept. 13 that Paul Stone, chief operations officer and President, will step down from his role on Sept. 30 to pursue opportunities in the retail sector, where he began his career.

Stone will remain employed with the company in a transitional capacity through Oct. 31. The company will conclude a search for a chief operating officer soon. In the interim, key operations leadership will report directly to Stephen M. Scherr, Chair and CEO.

"I want to thank Paul for his leadership at Hertz, particularly through the company's restructuring," Scherr said in a news release. "I look forward to completing the leadership team, focused on transforming the future of Hertz, with the selection of a new COO."

Stone has served as President and COO since October 2021, according to his biography on Hertz.com. He previously served as President and CEO of Hertz from May 2020 to October 2021, and executive vice president and chief retail operations officer North America from March 2018 to May 2020.

From November 2015 to December 2017, Stone served as the chief retail officer at Cabela’s Inc., an outdoor outfitter retail company.

Before joining Cabela’s Inc., Stone spent 28 years growing his career with Sam’s Club, a retail warehouse subsidiary of Walmart Inc., a multinational retail corporation. His most-recent position with Sam's Club was as senior vice president of the western division from 2007 to 2015, where he led operations upwards of 200 locations with more than 30,000 employees.

Stone added, "Hertz's progress under Stephen's leadership has been impressive, and I am confident that the team he has built will deliver meaningful value for customers and shareholders in the years ahead."