Hertz, the international rental car company headquartered in Estero, announced Gil West as its new CEO. 

Gil West

West, former chief operating officer of Delta Airlines and General Motors’ Cruise self-driving car unit, will start at Hertz on April 1. He will succeed Stephen Scherr, who will step down at the end of March. 

West and Scherr will work together to ensure a smooth transition, company officials said in a news release. 

West, like Scherr, will receive $1.5 million per year in salary, according to Hertz’s filings with the U.S. Securities and Exchange Commission, plus multiple millions in incentives. 

“We are thrilled to have Gil join Hertz as chief executive officer,” said Tom Wagner, vice chair of the Hertz Board of Directors.

“Gil’s experience as a successful leader in operationally intensive businesses will further strengthen the company’s world-class team of over 27,000 global employees who work tirelessly to deliver outstanding service to customers daily,” Wagner said. “We are appreciative of Stephen’s contribution over the last two years, including on a number of key strategic initiatives, which Gil will now lead in their continued execution.” 

One of those initiatives, announced by Hertz in January, includes selling about 20,000 electric vehicles that were part of its fleet. 

West said in the release he was excited to join the company. 

“With a 106-year history, Hertz enjoys incredible brand strength and customer loyalty, and I look forward to working with the team to achieve its potential for our customers, team members and shareholders.” 

Stephen M. Scherr

In February, Hertz reported fourth-quarter revenue of $2.2 billion, and a net loss of $348 million, a negative 16% margin, as the company continues recovering from the aftershocks of COVID-19, which impacted the rental car industry in 2020-21. 

“Gil’s success in leading over 70,000 people at Delta and orchestrating highly effective operational turnarounds will position him well to lead Hertz,” Colin Farmer, lead director of the Hertz Board of Directors, said in the release. “He will be able to build upon the strategic projects begun during Stephen’s tenure, including improvements to technology, commercial partnerships and the revitalization of our value brands. Gil’s prior experience in transportation, travel and mobility will give him important perspective on how to thoughtfully lead Hertz into the future.” 

Before joining the car rental company in 2022, Scherr spent nearly three decades with Goldman Sachs, leading a range of strategic and operational functions. He was the principal architect and leader of the bank’s new consumer business. 

“Over the last two years, the Hertz team has worked diligently to put the company on track for long-term success in a changing automotive landscape,” Scherr said. “Hertz is well-positioned for the future, and I look forward to seeing the company execute on its strategy as a leader in mobility.”