Hertz Global Holdings has named Paul Stone president and chief executive, effective immediately.
Stone, most recently executive vice president and chief retail operations officer, North America, with the car rental giant, has also been elected to the Hertz board of directors.
Stone succeeds Kathryn Marinello, who plans to continue with the company in a consulting position for up to one year to support a smooth transition.
The decision comes after the company narrowly staved off bankruptcy earlier this month, striking a deal with lenders after missing debt payments.
“After an ongoing succession planning process, the board elected Paul to lead Hertz’s next chapter,” said Henry Keizer, Hertz chairman.
“Paul brings a customer-cantered 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.”
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 United States divisional senior vice president.