Paul Stone will no longer be Chief Operations Officer and President at Hertz Global Holdings, effective Sept. 30. He will pursue opportunities in the retail sector, where he began his career. Stone will remain employed with the company in a transitional capacity through October 31, 2023.

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.”