Scherr led Goldman Sach's new consumer business, helping the bank launch AppleCard.

Scherr led Goldman Sach's new consumer business, helping the bank launch AppleCard.

Photo courtesy of Hertz

Hertz announced in a statement that it has named Stephen M. Scherr its new chief executive officer to lead the rental car company and its global workforce of about 25,000. Scherr will assume his role as CEO and board member of Hertz on Feb. 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 in the statement. "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 2021. He led the bank's new consumer business, helping to build Marcus by Goldman Sachs and leading the launch of AppleCard.

"Stephen is the leader Hertz needs to grow our business and to have a formidable position in the future of mobility and fleet management," added 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 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."

"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."

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