Business

Hertz hires a former Goldman Sachs finance chief as its C.E.O.

Hertz, the automotive rental firm that went bankrupt at first of the pandemic, has chosen a distinguished banker, Stephen M. Scherr, as its subsequent chief government.

Mr. Scherr, who served as chief monetary officer at Goldman Sachs till the top of final 12 months, will take over Hertz and be a part of its board on Feb. 28, the corporate stated in an statement on Friday.

“I’m thrilled to affix Hertz and lead the group as we put our clients on the middle of our enterprise,” Mr. Scherr stated.

Mr. Scherr spent virtually three many years at Goldman Sachs, serving to steer the Wall Road powerhouse’s foray into shopper banking with the appearance of its Marcus division and a credit-card partnership with Apple. He was reportedly considered for a task within the administration of Mayor Eric Adams of New York earlier than taking up his new publish.

Mr. Scherr takes over an organization that was thrown into tumult by the pandemic. After amassing a mountain of debt, Hertz filed for chapter in Could 2020, as a lot of the world prevented journey as a lot as attainable. However the fast financial restoration and a rebound in journey supplied a lifeline, setting off a bidding battle for the corporate, which emerged from chapter early final summer season to a red-hot marketplace for rental automobiles. In October, Hertz introduced a daring plan to add 100,000 Teslas to its fleet.

“Stephen is the chief Hertz must develop our enterprise and to have a formidable place in the way forward for mobility and fleet administration,” Greg O’Hara, the chair of Hertz’s board, stated within the assertion. “He’s a confirmed strategist, innovator and chief with a monitor document of incomes buyer loyalty.”

Shares of Hertz, which has virtually 25,000 workers worldwide, have been buying and selling greater on Friday however the inventory is down greater than 20 p.c within the final month.

Hertz reported a stronger-than-expected revenue for the third quarter, and its subsequent quarterly report, in addition to its 2021 monetary outcomes, are scheduled to be launched on Feb. 23.

https://www.nytimes.com/2022/02/04/enterprise/hertz-stephen-scherr.html Hertz hires a former Goldman Sachs finance chief as its C.E.O.

Fry Electronics Team

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