Hertz announced has named former Ford Motor Company president and CEO Mark Fields as interim CEO and Paul Stone as president and chief operations officer. 

According to Hertz, the moves are effective immediately and are part of a “vision for an all-new Hertz that combines the iconic company's brand strength and global fleet management expertise with new technology and innovations charting a dynamic, new course for travel, mobility, and the auto industry.”

“Mark's extensive background in auto and technology will be critical as we remake Hertz for the future,” said Greg O'Hara, founder and senior managing director at Certares and Hertz board chairman. “We are building from a renewed position of strength to reimagine the future, and Mark's continued leadership on the Board and stepping in for the moment as interim CEO are important next steps to take us there."

A member of the Hertz board of directors since June, Fields served at Ford for 28 years. He is also a senior advisor at TPG Capital, lead independent director of Tanium, member of Qualcomm’s board of directors.

Fields, who will work closely with the Board to implement the company's strategic vision, will lead Hertz's interactions with the investment community. "Hertz's unmatched global footprint will be combined with forward-looking investments that completely change the face of travel and mobility. The world is going to be hearing a lot from Hertz in the weeks and months ahead,” said Fields. 

Stone, formerly Hertz CEO, will partner as the company’s president and chief operations officer, focusing on operations and customer service. 

One of the largest worldwide vehicle rental companies, Hertz has restructured its business and posted strong financial results as travel rebounds and as a result of the company’s operational and financial improvements.