Leadership Update (April 2024): Stephen Scherr stepped down as Hertz CEO effective March 31, 2024, following the company’s troubled EV strategy. He was replaced by Gil West, former COO of Delta Air Lines and GM Cruise, who has been CEO since April 1, 2024. The profile below covers Scherr’s tenure and background in full.
Stephen M. Scherr served as Chief Executive Officer of The Hertz Corporation from February 2022 to March 2024, replacing interim CEO Mark Fields. A Goldman Sachs veteran of nearly three decades who rose to become the firm’s Chief Financial Officer, Scherr brought deep financial restructuring expertise to the post-bankruptcy rental giant. His tenure at Hertz was defined by an ambitious but ultimately costly bet on electric vehicles, particularly a high-profile fleet purchase of 100,000 Tesla vehicles that generated significant losses due to high repair costs, weak residual values, and slumping consumer demand for EV rentals.
Is Stephen Scherr Still CEO of Hertz?
No. Stephen Scherr stepped down as Hertz CEO on March 31, 2024. The Hertz board appointed Gil West — the former Senior Executive Vice President and COO of Delta Air Lines — as the new CEO effective April 1, 2024. West has since launched a “Back-to-Basics” operational turnaround focused on fleet rightsizing, EV reduction, and improving vehicle utilization. Scherr subsequently joined alternative asset manager Pretium Partners as Co-President in October 2024.
Current Hertz CEO: Gil West
- Full Name: Wayne “Gil” West
- Appointed CEO: April 1, 2024
- Age: 64–65 (born 1961)
- Education: BS Mechanical Engineering, NC State University (1984); MBA, National University (1990)
- Previous Roles: Senior EVP & COO, Delta Air Lines (2014–2020); COO, GM Cruise (2021–2023)
- 2024 Total Compensation: ~$35.18 million (including $32.3M in stock awards)
- Strategy: “Back-to-Basics” transformation — fleet rightsizing, EV fleet reduction, improving utilization to multi-year highs
Stephen Scherr – Quick Facts
| Detail | Information |
|---|---|
| Full Name | Stephen M. Scherr |
| Born | 1964 (age ~61–62 as of 2026) |
| Nationality | American |
| Role at Hertz | CEO (February 2022 – March 2024) — FORMER |
| Current Role | Co-President, Pretium Partners (since October 2024) |
| Education | AB, Woodrow Wilson School, Princeton University (1986); JD, Harvard Law School (1990) |
| Net Worth (est.) | ~$70+ million USD (as of 2025) |
| Hertz 2022 Compensation | $182.1 million (including $178M in stock awards) |
| Base Salary at Hertz | $1.27 million per year |
| Email (former) | [email protected] |
| linkedin.com/in/stephen-scherr |
Hertz Competitors
The Hertz Corporation is one of the world’s largest car rental companies, competing in a highly consolidated global market. Key competitors of Hertz include:
- Enterprise Holdings — the largest car rental company globally (Enterprise, National, Alamo brands)
- Avis Budget Group — Hertz’s closest publicly traded rival (Avis, Budget, Zipcar brands)
- Sixt — European car rental giant expanding aggressively in North America
- Turo — peer-to-peer car sharing platform disrupting traditional rental
- Europcar Mobility Group — major European rental company
Early Life & Education
Stephen M. Scherr was born in 1964 in the United States. He pursued a rigorous academic path at two of America’s most prestigious institutions. Scherr earned his undergraduate degree — an AB in Public and International Affairs — from the Woodrow Wilson School of Public and International Affairs at Princeton University in 1986. He then went on to earn his Juris Doctor (JD) from Harvard Law School in 1990.
Scherr’s dual background in public policy and law laid the groundwork for a career that would span investment banking, corporate finance, and ultimately corporate leadership. His Princeton education in particular shaped his analytical approach to complex institutional problems, while his Harvard Law degree provided the legal expertise that would prove valuable in Goldman Sachs’s investment banking division.
Education Summary
| University | Degree | Year |
|---|---|---|
| Princeton University — Woodrow Wilson School | AB, Public and International Affairs | 1986 |
| Harvard Law School | Juris Doctor (JD) | 1990 |
Career History
Stephen Scherr’s career spans more than three decades in law, investment banking, and corporate leadership. After graduating from Harvard Law School, he began his professional career as an associate attorney at Cravath, Swaine & Moore, one of Wall Street’s most prestigious law firms, from 1990 to 1993.
Goldman Sachs (1993–2021)
In 1993, Scherr joined Goldman Sachs, where he would spend the next 28 years climbing the ranks of one of the world’s most powerful financial institutions. He held a variety of senior roles within the Investment Banking Division, working on landmark deals and building deep expertise in capital markets and corporate restructuring.
A pivotal moment in Scherr’s Goldman career came when he was named Chief Financial Officer in 2018, succeeding Marty Chavez. As CFO, Scherr oversaw Goldman’s financial strategy during a period of significant transformation. He was instrumental in the launch and expansion of Marcus by Goldman Sachs, the firm’s consumer banking platform, which grew to manage billions in deposits and personal loans. In 2020, Scherr was the highest-paid CFO on Wall Street, earning $20.2 million.
Scherr stepped down as Goldman Sachs CFO in December 2021, setting the stage for his move to the corporate world.
Hertz Global Holdings (2022–2024)
In February 2022, Scherr was appointed CEO and Chairman of Hertz Global Holdings, replacing interim CEO Mark Fields. The company had recently emerged from a Chapter 11 bankruptcy filing in 2020 (triggered by the COVID-19 pandemic) and was looking for a leader who could steer its post-bankruptcy recovery and modernization.
Scherr’s most notable strategic move was the announcement of a massive electric vehicle fleet purchase, headlined by an order for 100,000 Tesla vehicles. The deal generated enormous media attention and was initially hailed as a bold step toward sustainability in the rental industry. However, the EV strategy proved problematic: high repair costs, weak residual values on used EVs, and lukewarm consumer demand for electric rentals led to significant financial losses. Hertz was forced to reverse course and begin selling off tens of thousands of EVs from its fleet.
In March 2024, Hertz’s board announced that Scherr would step down effective March 31, 2024, acknowledging the need for a new operational direction.
Pretium Partners (2024–Present)
In October 2024, Scherr joined Pretium Partners, a $55+ billion alternative asset management firm, as Co-President. At Pretium, he oversees the firm’s strategic and operational initiatives alongside founder Don Mullen, himself a former Goldman Sachs colleague. The role marks Scherr’s return to Wall Street after his two-year detour into the car rental industry.
Career Timeline
| Period | Role | Organization |
|---|---|---|
| 1990–1993 | Associate Attorney | Cravath, Swaine & Moore |
| 1993–2018 | Various Senior Roles, Investment Banking | Goldman Sachs |
| 2018–2021 | Chief Financial Officer | Goldman Sachs |
| Feb 2022 – Mar 2024 | CEO & Chairman | Hertz Global Holdings |
| Oct 2024 – Present | Co-President | Pretium Partners |
CEO Role & Leadership at Hertz
As CEO, Stephen Scherr was tasked with leading Hertz’s post-bankruptcy transformation into a modern mobility company. His leadership style was characterized by bold, high-profile strategic bets and a focus on leveraging technology and sustainability to differentiate Hertz from competitors.
The EV Strategy — Ambition and Fallout
The centerpiece of Scherr’s strategy was the aggressive push into electric vehicles. The October 2021 announcement (before his tenure but fully embraced by him) of a 100,000-vehicle Tesla order was unprecedented in the rental industry. Hertz subsequently expanded its EV partnerships to include Polestar and General Motors.
However, several factors undermined the EV strategy:
- High repair costs: EV repairs were significantly more expensive and took longer than ICE vehicle repairs, driving up fleet maintenance costs
- Weak residual values: Used EV prices plummeted as new EV prices dropped, creating massive depreciation losses
- Low consumer demand: Rental customers showed limited appetite for EVs, particularly on longer trips where charging infrastructure was lacking
- Operational complexity: Managing EV charging, range anxiety issues, and customer education added operational burdens
The financial impact was severe. Hertz took nearly $900 million in depreciation charges related to its EV fleet in 2023 alone. By early 2024, the company announced plans to sell approximately 20,000 EVs from its fleet and shift back toward internal combustion engine vehicles.
Achievements During Tenure
Despite the EV setbacks, Scherr’s tenure was not without accomplishments:
- Led Hertz through the initial post-bankruptcy growth phase
- Negotiated high-profile brand partnerships (including with Tom Brady for marketing campaigns)
- Expanded the company’s digital rental capabilities
- Maintained Hertz’s competitive position during a period of strong travel demand
Personal Life
Stephen Scherr keeps a relatively private personal life. He was born in 1964 and is married to Susan Scherr. Together, they have four children. The couple is well known in New York philanthropic circles, particularly for hosting the annual New York City fundraising gala for Children’s Cancer Cause, a national advocacy organization focused on childhood cancer.
The Scherrs have also been notable donors to Memorial Sloan Kettering Cancer Center and other charitable causes. Stephen Scherr resides in the New York metropolitan area, consistent with his career on Wall Street and his current role at Pretium Partners.
Salary & Net Worth
Stephen Scherr’s compensation across his career has been substantial, reflecting his senior positions at Goldman Sachs and Hertz.
Stephen Scherr Net Worth 2026
As of 2026, Stephen Scherr’s estimated net worth is approximately $70+ million USD, based on SEC filings, Goldman Sachs stock holdings, and his Hertz compensation. His net worth is primarily derived from decades of Goldman Sachs equity compensation and his substantial Hertz sign-on and stock awards package.
Hertz CEO Compensation
| Component | Amount (USD) |
|---|---|
| Base Salary | $1,270,000 per year |
| 2022 Total Compensation | $182,100,000 |
| Stock Awards (2022) | $178,000,000 |
| Goldman Sachs CFO Pay (2020) | $20,200,000 |
Key Insight: Scherr’s 2022 total compensation of $182.1 million ranked among the highest CEO pay packages in the United States that year. The vast majority ($178M) consisted of stock awards tied to Hertz’s post-bankruptcy equity, which were subject to vesting schedules and performance conditions.
Hertz Financial Performance (Full Year 2024)
| Metric | Value |
|---|---|
| Annual Revenue | $9.05 billion |
| Net Income (Loss) | ($2.9 billion) |
| Corporate Liquidity | $1.8 billion |
| NYSE Ticker | HTZ |
| Employees | ~25,000 |
| Fleet Size | ~500,000 vehicles |
| Global Locations | ~12,000+ across 160 countries |
Stephen Scherr Contact – Email & LinkedIn
Stephen Scherr’s former Hertz corporate email was [email protected]. This email is no longer active following his departure in March 2024. For current Hertz inquiries, contact CEO Gil West through Hertz’s corporate investor relations channels.
- LinkedIn: linkedin.com/in/stephen-scherr
- Hertz Corporate: ir.hertz.com
- Pretium Partners: pretium.com
Frequently Asked Questions (FAQ)
Who is the current CEO of Hertz?
The current CEO of Hertz Global Holdings is Gil West, who was appointed on April 1, 2024. West previously served as COO of Delta Air Lines and COO of GM’s Cruise autonomous vehicle division. He replaced Stephen Scherr, who stepped down on March 31, 2024.
What is Stephen Scherr’s net worth in 2026?
Stephen Scherr’s net worth is estimated at approximately $70+ million USD as of 2026, based on SEC filings and his accumulated Goldman Sachs and Hertz stock holdings.
What was Stephen Scherr’s salary at Hertz?
Scherr’s base salary at Hertz was $1.27 million per year. His total 2022 compensation was $182.1 million, the vast majority of which consisted of sign-on stock awards valued at $178 million.
What is the Hertz CEO email address?
Stephen Scherr’s former email was [email protected] (no longer active). For current Hertz CEO Gil West, contact Hertz through their investor relations portal at ir.hertz.com.
Why did Stephen Scherr leave Hertz?
Scherr stepped down following the failure of Hertz’s aggressive electric vehicle strategy. The company’s massive Tesla fleet purchase led to hundreds of millions in depreciation losses due to high repair costs, weak resale values, and low consumer demand for EV rentals. The board brought in Gil West to execute an operational turnaround.
Where is Stephen Scherr now?
As of 2026, Stephen Scherr serves as Co-President of Pretium Partners, a $55+ billion alternative asset management firm based in New York. He joined Pretium in October 2024.
What did Stephen Scherr do before Hertz?
Before joining Hertz, Scherr spent 28 years at Goldman Sachs, rising from investment banker to Chief Financial Officer (2018–2021). He also led Goldman’s consumer banking initiative, Marcus. Before Goldman, he was an attorney at Cravath, Swaine & Moore.
Conclusion
Stephen Scherr’s two-year tenure as Hertz CEO represents a cautionary tale about the risks of bold strategic bets in rapidly evolving markets. His deep Goldman Sachs pedigree and financial expertise were not enough to overcome the operational and market challenges of the electric vehicle push. While his $182 million compensation package generated headlines, the EV strategy ultimately forced his departure and left Hertz facing billions in losses.
Under successor Gil West, Hertz has pivoted to a “Back-to-Basics” approach focused on fleet optimization, cost discipline, and improving vehicle utilization. Scherr, meanwhile, has returned to familiar territory on Wall Street as Co-President of Pretium Partners, leveraging the financial expertise that defined his three-decade Goldman Sachs career.
Article last updated: March 2026
Disclaimer: All information presented in this article has been compiled from publicly available sources, including SEC filings, corporate press releases, proxy statements, and reputable news outlets. This content is provided for informational purposes only and does not constitute financial or investment advice. Net worth and compensation figures are estimates based on publicly disclosed data.