Hertz Names New CEO in Midst of Effort to Avoid Bankruptcy (1)

Hertz Global Holdings Inc. promoted the head of its North American car-rental operations to lead the company as its chief executive officer leaves in the midst of efforts to ward off bankruptcy.

Paul Stone, a Hertz executive vice president and chief retail operations officer, becomes CEO immediately after the resignation of Kathryn Marinello, according to a statement. The company has until May 22 to restructure lease payments with bondholders and has cast doubt on its ability to pay debt obligations and continue as a going concern.

Kathy Marinello

Photographer: Peter Morrison/AP Photo/Shutterstock

Marinello, 63, was in the top job for just under ...