Hertz names new CEO after Kathryn Marinello resigned following report company was preparing for a possible bankruptcy

• Hertz CEO Kathryn Marinello resigned from her position on May 16, the company said in an SEC filing.
• The company's board named Paul Stone as its next CEO.
• Stone previously served as the company's executive vice president and chief retail operations officer for North America.
• Hertz is reportedly preparing for a possible bankruptcy filing amid the economic fallout from the pandemic.
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Hertz CEO Kathryn Marinello has resigned, the company said, following a report that the company is preparing for a possible bankruptcy.

The company said in a Securities and Exchange Commission filing that Marinello's resignation is effective May 16, though she will work as a consultant for the company for up to one year.

Hertz's board named Paul Stone as the company's next CEO, effective May 16. Stone previously served as the company's executive vice president and chief retail operations officer for North America since 2018. Before joining Hertz, Stone was an executive at Cabela's outdoor sporting goods store and Sam's Club.

The Wall Street Journal reported last week that the company was preparing for the possibility it might need to file for bankruptcy after it missed lease payments.