Stephen Scherr
Stephen Scherr | |
|---|---|
| Education | Harvard Law School (Juris Doctor), Princeton University (Bachelor of Arts, Woodrow Wilson School of Public and International Affairs) |
| Occupation(s) | Business executive, attorney |
| Years active | 1993–present |
| Known for | Chief Executive Officer of Hertz (2022–2024), Chief Financial Officer of Goldman Sachs (2018–2021) |
Stephen Scherr held the position of Chief Executive Officer at Hertz and served on its board from February 2022 until March 2024.
Education
Scherr obtained a juris doctor degree from Harvard Law School and completed his undergraduate studies with a Bachelor of Arts at the Woodrow Wilson School of Public and International Affairs within Princeton University.
Career
Starting his professional journey as an attorney at Cravath, Swaine & Moore, Scherr transitioned to Goldman Sachs in 1993, embarking on a career in investment banking. During his 28-year tenure at Goldman Sachs, he assumed numerous pivotal strategic and operational positions, such as Chief Financial Officer from 2018 to 2021. Prior to that, he was appointed Chief Strategy Officer in 2014, joined the Management Committee in 2012, led the firm’s Latin America division beginning in 2011, and acted as Global Head of Financing.
In 2016, Scherr led the introduction of Goldman Sachs’ consumer banking initiative under the Marcus brand. He also served as CFO during the 2019 launch of the Apple Card, a collaboration with Apple.
Scherr took over as Hertz CEO in 2022, earning $182 million in total compensation that year, making him the third highest-paid CEO across the United States. Under his leadership, Hertz significantly increased its electric vehicle fleet. Nevertheless, in the fourth quarter of 2023, Hertz recorded a $245 million drop in earnings attributed to depreciation and elevated maintenance expenses for electric vehicles compared to traditional combustion engine cars. In March 2024, Hertz announced Scherr would step down at the end of the month, with Gil West appointed as his replacement.
Affiliations
Scherr holds board memberships with the New York Stem Cell Foundation and the Jewish Museum in New York. Additionally, he is affiliated with the Council on Foreign Relations.