Car Rental Giant Hertz Names New CEO

Car rental company Hertz announced on Friday it had named Stephen M. Scherr as Chief Executive Officer.

Scherr will assume his role as Hertz CEO and board member on February 28 after spending nearly three decades at Goldman Sachs and departing at the end of 2021 as Chief Financial Officer.

In addition to leading a range of strategic and operational functions, Scherr brings Hertz experience in building business partnerships, which will be valuable to the car rental company as it strengthens relationships and alliances across the travel industry.

“Hertz is an extraordinary brand and a resilient business that is perfectly positioned to reshape how people move about in a safe, convenient, affordable and more environmentally-friendly way,” Scherr said.

“I am thrilled to join Hertz and lead the team as we put our customers at the center of our business and partner with those who believe in our vision for the future of mobility,” Scherr continued. “We are committed to giving our customers a world class experience deserving of Hertz’s storied 103-year history.”

Scherr will be tasked with leading Hertz’s global workforce of nearly 25,000 in its continued transformation to deliver products and services to customers that “meet their evolving needs.”

“Stephen is the leader Hertz needs to grow our business and to have a formidable position in the future of mobility and fleet management,” Hertz’s Board Chairperson Greg O’Hara said. “He is a proven strategist, innovator and leader with a track record of earning customer loyalty.”

Scherr will assume the role previously held by interim CEO Mark Fields, who took over the position in October after former CEO Paul Stone was named president and chief operations officer.