Paul Arnold, chairman and chief executive officer of CORT, last week announced his retirement, effective July 1, after 44 years of leadership.

Today, CORT is a Berkshire Hathaway company that has served millions of individuals and more than 80 percent of the Fortune 500 companies. CORT also says it is the nation’s largest tradeshow and event furnishings company, the largest housewares rental company and has a global network of furniture rental partners in more than 70 countries.

Jeff Pederson, who has served as CORT’s president since 2006 following two years as chief financial officer, is the new CEO and will continue to serve as president. “There is no doubt that Paul Arnold has established CORT as the leader in the furniture rental industry,” Pederson said. “We will miss his vision, leadership and his passion for doing what’s right for the business, customers and CORT employees.”

Since joining CORT in 1972 and serving as CEO for 20 years, Arnold is best known in the industry for growing CORT from four small companies into the market leader in the furniture rental industry through more than 50 acquisitions including Aaron’s Corporate Furnishings Division, Globe Furniture Rental, Evans and General Furniture Leasing.