- Push-out Score determined
- After less than three and a half years in the position
- Accolades, praise, thanks and good wishes for Marinello
- Paul Stone taking over
- Marinello kept it short and said 42 words
(exechange) — Estero, Florida, May 18, 2020 — Kathy Marinello, chief executive of Hertz, leaves. As announced by Hertz Global Holdings Inc. in a news release and in a regulatory filing published on Monday, May 18, 2020, Kathryn V. (Kathy) Marinello has left her post as chief executive officer at the car rental company after less than three and a half years in the role, effective May 16, 2020.
Kathy Marinello’s duties as CEO will be taken over by Paul E. Stone, most recently Executive Vice President and Chief Retail Operations Officer North America of Hertz Global Holdings Inc.
“Succession planning process”
Hertz did not give an explicit reason for Kathy Marinello’s departure from the CEO post. Henry R. Keizer, Hertz’s Chairman, said: “After an ongoing succession planning process, the Board elected Paul to lead Hertz’s next chapter.”
Precise information regarding Kathy Marinello’s future plans was not immediately available.
Hertz said: “Stone succeeds Kathryn V. Marinello, who plans to continue with the Company in a consulting position for up to one year to support a smooth transition.”
Hertz further said: “Effective May 16, 2020, Kathryn V. Marinello resigned from her position as President and Chief Executive Officer of Hertz Global Holdings, Inc. (“HGH”) and The Hertz Corporation (“Hertz”) (collectively, the “Company”) and from any office at any affiliated entity of the Company and resigned as a member of the Company’s Board of Directors (the “Board”). If requested by the Company, Ms. Marinello has agreed to provide consulting and transition services to the Company upon mutual agreement of the terms and conditions.”
Share price decline
The announcement follows a decline in Hertz Global Holdings Inc.’s share price of 87% since January 2017.
Chaired by Henry R. Keizer
Hertz Global Holdings Inc. is chaired by Henry R. Keizer.
Keizer has served as a director of Hertz Global Holdings since June 2016 and Hertz since October 2015. He has served as Independent Non-Executive Chair of the Boards of Hertz Global Holdings and Hertz since January 2017.
In the position of CEO since 2017
Kathy Marinello became CEO of the Company in 2017.
Marinello has served as the President and Chief Executive Officer (the “CEO”) and a director of the Company and Hertz since January 2017.
Marinello previously served as a Senior Advisor of Ares Management LLC, a global alternative investment manager, from March 2014 to December 2016, and as Chair, President and Chief Executive Officer of Stream Global Services, Inc., a business process outsourcing service provider, from 2010 to March 2014.
Marinello served as Chair, Chief Executive Officer and President of Ceridian Corporation, a provider of human resources software and services, from 2006 to 2010 (promoted to Chair in 2007).
She served in a broad range of senior roles from 1997 to 2006 at General Electric Co. (“GE”), an international industrial and technology company, including leading global, multi-billion dollar financial and services businesses and subsidiaries.
During that period, she served as Chief Executive Officer and President of GE Fleet Services at GE Commercial Finance from October 2002 to October 2006 and GE Insurance Solutions from 1999 to 2002.
She served as President and Chief Executive Officer of GE Financial Assurance Partnership Marketing Group, a diverse organization that includes GE’s affinity marketing business, Auto & Home Insurance business and Auto Warranty Service business, from December 2000 to October 2002.
Prior to GE, Marinello served as President of the Electronic Payments Group at First Data Corporation, which provides electronic banking and commerce, debit and commercial processing to the financial services industry.
Marinello has served as a director of Volvo Group, a multinational manufacturing company, since April 2014 and as a director of Creative Artists Agency LLC, a talent and sports agency, since early 2020.
Marinello also served as a director at The Nielsen Company B.V., a global information and measurement company, from July 2014 to May 2017, as a director of General Motors Company, a global automotive company, from July 2007 to December 2016, and as a director of RealPage, Inc., a provider of property management software and solutions, from 2015 to March 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Hertz and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 21.2020 ($).