Hertz Global Holdings Inc. (HTZ) said Monday it has named Paul Stone as chief executive with immediate effect, replacing Kathryn Marinello, who is resigning as CEO, president and member of the board. The troubled car-rental company said Stone was most recently executive vice president and chief retail operations officer. Marinello will remain with the company in a consulting position for up to one year. Stone came to Hertz after stints with Sam's Club/Walmart (WMT). Hertz shares tumbled to their lowest-ever close last Tuesday ( the company issued a "going concern" warning, to go along with its disappointing first-quarter results and as a deadline to negotiate debt relief with its lenders was approaching. The company has been slammed by the coronavirus pandemic, which has curbed driving as customers comply with stay-at-home orders around the world. Shares soared 18% premarket, but are down 80% in the year to date, while the S&P 500 has fallen 11%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 18, 2020 08:39 ET (12:39 GMT)
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