The times are tough for Hertz Global Holdings (NYSE:HTZ) but not as tough as we all thought so. In a SEC filing submitted today, Hertz Global Holdings announced that they are parting their way with Kathryn V. Marinello (former President and CEO).
The Board appointed Paul E. Stone, the Company’s Executive Vice President and CROO North America, to serve as a new President and CEO of the Company and as a Director on the Board.
In the press release dated My 16th it is said that:
Mr. Stone, 50, has served as Executive Vice President and Chief Retail Operations Officer North America of the Company since March 2018. Prior to that, Mr. Stone most recently served as the Chief Retail Officer at Cabela’s Inc., an outdoor outfitter retail company, from November 2015 to December 2017. Prior to joining Cabela’s Inc., Mr. Stone spent 28 years growing his career with Sam’s Club, a retail warehouse subsidiary of Walmart Inc., a multinational retail corporation, most-recently as Senior Vice President – West Division from 2007 to 2015, where he led operations upwards of 200 locations with more than 30,000 employees.
Pursuant to his appointment, effective May 16, 2020, Hertz entered into an Amended and Restated Offer Letter, Confidentiality and Non-Competition Agreement with new CEO.
This Amended Offer Letter amends and replaces in its entirety Mr. Stone’s previous contract when he had annualized salary of $550,000.
Under the terms of the Amended Offer Letter, Mr. Stone is entitled to receive an annual base salary of $1,000,000. Additionally, Mr. Stone will
(i) be eligible to receive a key employee retention bonus;
(ii) continue to participate in the Company’s Severance Plan for Senior Executives; (iii) continue to receive a Company-provided vehicle for personal and professional use;
(iv) continue to be eligible for four (4) weeks of vacation per the terms and conditions of the Company’s vacation policy; and
(v) be eligible to participate in the employee benefit plans and arrangements generally offered to other U.S. senior executives of the Company.
“The hardest part about stepping down is leaving the amazing employees that have earned my respect over the last three-and-a-half years. It was an honor to serve them,” said former President and CEO Marinello. “I am confident that under Paul’s leadership, Hertz will prosper long into the future.”