May 19, 2020—Hertz has named Paul Stone as its new president and chief executive officer (CEO). 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, according to a press release.

Stone 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. Prior to Hertz, he served as senior vice president and chief retail officer at Cabela's, an outdoor outfitter.

Stone was most recently Hertz's executive vice president and chief retail operations officer.

The announcement comes during a week in which Hertz could possibly declare bankruptcy.