Estero-based Hertz names new CEO

Writer: Derrick Shaw
Credit: WINK News

A struggling Lee County company has made a change at the top.

Estero-based Hertz announced Monday that former Cabela’s executive Paul Stone will take over as president and CEO after the resignation of Kathryn V. Marinello.

The rental car giant said Marinello will stay on for up to a year as a consultant to ensure a smooth transition.

A recent filing with the Securities and Exchange Commission led to questions on the company’s future. Hertz said in the filing it “concluded there is substantial doubt regarding the company’s ability to continue,” and there were reports in April that the company could file for bankruptcy.

Hertz also laid off approximately 10,000 employees in April due to the continued impacts of the coronavirus pandemic.

Stone joined Hertz in March 2018 to lead the company’s North American car rental operations, which encompassed approximately 4,500 locations and 27,000 employees.

Hertz opened its Estero headquarters in 2013.

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