Hertz (HTZ) has named a new CEO to help the the troubled car rental company turn things around. Shares soared nearly 15% in early trading.
Paul Stone will take charge of Hertz effective immediately, replacing Kathryn Marinello after a nearly four-year tenure.
Stone was previously chief retail officer at outdoor retailer Cabela's and was also a vice president at Sam's Club.
The near-zero travel demand during the coronavirus pandemic has battered Hertz, which rents cars under the Hertz, Dollar and Thrifty brands in the United States.
The company missed an important payment that was due to a group of lenders in late April, though the creditors granted Hertz a temporary lifeline in early May.