Car rental giant Hertz has named Stephen Scherr as its chief executive officer.
Scherr, who joins at the end of February, will lead the company as it continues to transform its products and services and drive growth.
In a statement, he described Hertz as 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 joins from Goldman Sachs where he held various strategic and operational roles most recently as chief financial officer, a role he departed at the end of last year.
He brings to Hertz his experience not only of developing a digital consumer business but also of building business partnerships.
Hertz filed for Chapter 11 bankruptcy in the US in 2020 emerging a year later after a reorganisation plan, which included financial support from Certares Opportunities and Knighthead Capital Management, was approved by a court.
Greg O’Hara, chair of the Hertz board and founder and managing director of Certares, said: "Stephen is the leader Hertz needs to grow our business and to have a formidable position in the future of mobility and fleet management. He is a proven strategist, innovator and leader with a track record of earning customer loyalty."
Tom Wagner, Hertz board member and founder of Knighthead Capital, said: "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."
Mark Fields, who has led Hertz as its interim CEO since October 2021, remains a board director.