Hertz appoints Stephen M. Scherr as Chief Executive Officer

Former CFO of Goldman Sachs joins the company to lead its transformation and growth

Hertz announced today that it has named Stephen M. Scherr as Chief Executive Officer to lead the iconic rental car company as it helps shape the next era in global mobility and travel.

Scherr will lead Hertz and its global workforce of nearly 25,000 in its continued transformation to deliver products and services to customers that meet their evolving needs. The company will execute on its core priorities of shared mobility, electrification and a digital-first customer experience by combining its expertise in fleet management with new technology and a history of innovation. In all, the Company's objective will be to drive growth and create value for its stakeholders. Scherr will assume his role as CEO and board member of Hertz on February 28, 2022.

"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," said Scherr. "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. We are committed to giving our customers a world class experience deserving of Hertz's storied 103-year history."

Scherr spent nearly three decades at Goldman Sachs leading a range of strategic and operational functions, departing the firm as Chief Financial Officer at the end of last year. He was a principal architect and leader of the bank's new consumer business, helping to build Marcus by Goldman Sachs and leading the launch of AppleCard. In addition to his experience standing up a digital consumer business, Scherr brings to Hertz deep experience in building business partnerships, which will be particularly valuable to Hertz as the company strengthens its relationships and alliances across a range of industries.  

"Stephen is the leader Hertz needs to grow our business and to have a formidable position in the future of mobility and fleet management," said Greg O'Hara, Chairperson of Hertz's Board and founder and senior managing director at Certares. "He is a proven strategist, innovator and leader with a track record of earning customer loyalty."

"We have bold plans for Hertz over the long haul and we need a leader who knows how to turn big ideas into reality while inspiring people to work hard for change," said Tom Wagner, Hertz board member and founder of Knighthead Capital. "Stephen has the patience, tenacity and charisma needed to push Hertz forward. We are certain that he will win the confidence of our valued customers, our hard-working employees and the company's investors."

O'Hara added: "We also want to thank Mark Fields for guiding Hertz over the past several months as we successfully relisted and established the foundation for the new Hertz. We look forward to continue working with Mark as a director on our Board."

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