Hertz Global Holdings, Inc. announced Paul Stone, Chief Operations Officer and President, will step down from his role effective Sept. 30 to pursue opportunities in the retail sector, where he began his career. He will remain employed with the company in a transitional capacity through Oct. 31.

The company will conclude a search for a Chief Operating Officer in short order. In the interim, key operations leadership will report directly to Stephen M. Scherr, Chair and Chief Executive Officer.

"I want to thank Paul for his leadership at Hertz, particularly through the company's restructuring," said Scherr. "I look forward to completing the leadership team, focused on transforming the future of Hertz, with the selection of a new COO."

"Hertz's progress under Stephen's leadership has been impressive, and I am confident that the team he has built will deliver meaningful value for customers and shareholders in the years ahead," said Stone.