It did not take long after Stephen Scherr stepped down as Goldman Sachs’ chief financial officer in late 2021 for him to start spending more time in Florida. But he was not retiring to play golf.
Rather, in February 2022 he was named chief executive of Hertz, the Fort Myers-based mainstay of the rental car business which had just emerged from bankruptcy and looked poised to take advantage of a post-pandemic “revenge travel” boom.
Hertz’s majority owners, two little-known private equity firms called Knighthead Capital and Certares, had made two bold bets after their $2bn equity investment won the auction to bring Hertz out of bankruptcy earlier that year.