Hertz Global Holdings has appointed Paul Stone as its CEO days after the US car rental company raised ‘going-concern’ doubts after a bigger quarterly loss.
Hertz is backed by billionaire investor Carl Icahn, but has recently suffered a sudden and dramatic negative impact on its business due to the COVID-19 crisis, which has stunted demand for rental cars due to people staying at home.
The company said last week that it had missed a loan repayment and asked lenders to extend the payment deadline to 22 May.
Hertz, which operates the Hertz, Dollar and Thrifty rental brands, said Stone replaced Kathryn Marinello, who will remain with the company in a consulting position for up to one year.
Stone was most recently Hertz’s Executive Vice President and North America Chief Retail Operations Officer.