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Search resuls for: "Stephen Scherr"


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☆ Hertz fourth-quarter profit beats as costs come down and travel rebounds
  + stars: | 2023-02-07 | by ( John Rosevear | ) www.cnbc.com   time to read: +2 min
Rental car giant Hertz reported fourth-quarter earnings that were better than Wall Street expected, on renewed demand for travel as the Covid-19 pandemic eased in many parts of the world. That profit also beat estimates, as analysts polled by Refinitiv had expected earnings of $3.67 on revenue of $8.7 billion, on average. As of the end of 2022, Hertz had $2.5 billion of total liquidity available, including $943 million in cash. The key story is that Hertz is making these incremental operating improvements as demand for travel recovers, Scherr said. Those trends continued in January, Scherr said, with corporate travel business up 28% from the same month in 2022 and inbound travel up 56%.
☆ Hertz beats profit estimates on strong rental car demand
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: +1 min
Feb 7 (Reuters) - Hertz Global Holdings Inc (HTZ.O) on Tuesday reported a better-than-expected quarterly profit, aided by strong demand for rental cars amid surging leisure travel and constrained production from automakers. Rising costs and supply shortages faced by automakers have also made it even more unaffordable for car buyers in an uncertain economy. "We look to our investments in electrification and technology to yield increasing operating leverage and improved returns," Hertz Chief Executive Stephen Scherr said in a statement. Hertz, which operates the Hertz, Dollar and Thrifty vehicle rental brands, posted an adjusted profit of 50 cents per share, ahead of the average analyst estimate of 46 cents, as per Refinitiv data. The company reported net income of $116 million for the quarter through December, compared with a loss of $710 million a year earlier.
☆ Goldman’s Marcus is a lesson in self-made failure
  + stars: | 2023-02-02 | by ( John Foley | ) www.reuters.com   time to read: +7 min
Being a consumer bank was a good idea when Goldman’s leaders cooked it up eight years ago. Fast forward to 2023, and consumer banking is still highly lucrative. The practice of working through the night is common in the investment banking division Solomon once headed but rare in consumer banking. For example, Goldman’s engineers had to fight to host consumer banking systems on the cloud rather than on the bank’s own servers. That year, nobody from the consumer bank was promoted to the firm’s prestigious partner level.
☆ Watch CNBC's full interview with Hertz CEO Stephen Scherr
  + stars: | 2023-01-19 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Hertz CEO Stephen ScherrStephen Scherr, Hertz CEO, joins 'Power Lunch to share news of a new deal between Hertz and the city of Denver, and describe the roll out plan for EV charging stations.
☆ Hertz is bringing thousands of EVs and chargers to the city of Denver in a broad new partnership
  + stars: | 2023-01-19 | by ( John Rosevear | ) www.cnbc.com   time to read: +4 min
In addition to building chargers in lower-income neighborhoods, Hertz will provide EVs, tools and training to the city's technical high school — and will offer summer job opportunities through Denver's Youth Employment Program. Scherr said that Hertz plans to share anonymized location data from its rental EVs with the city to help Denver officials determine where to install new charging stations. He expects that some of that data will point to sites in the city's less affluent neighborhoods, where ride-share drivers using Hertz EVs tend to live. The company currently has about 40,000 Teslas and Polestars available for rental, Scherr said. Last fall, Hertz and BP Pulse announced they would partner to install thousands of high-speed EV chargers at Hertz locations across the U.S.
☆ Hertz strikes new EV deal with Denver
  + stars: | 2023-01-19 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHertz strikes new EV deal with DenverStephen Scherr, Hertz CEO, joins 'Power Lunch to share news of a new deal between Hertz and the city of Denver, and describe the roll out plan for EV charging stations.
☆ Hertz Chairman Exits, CEO Stephen Scherr to Replace Him
  + stars: | 2023-01-18 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
The Hertz Global Holdings Inc. chairman who helped lead the company through its postbankruptcy reorganization is stepping down and will be replaced by Chief Executive Stephen Scherr . The rental-car outfit said Greg O’Hara , the founder and senior managing director of Certares Management LLC, is stepping down after 18 months at the helm of the board. His firm and Knighthead Capital Management LLC jointly won control of the then-bankrupt company in 2021.
☆ Hertz CEO Stephen Scherr: EV rental demand is strong across all aspects of our business
  + stars: | 2023-01-06 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHertz CEO Stephen Scherr: EV rental demand is strong across all aspects of our businessHertz CEO Stephen Scherr joins CNBC's 'Squawk on the Street' to discuss the company's approach to electric vehicles.
☆ Hertz Names First CMO Since 2020 Amid New Focus on Electric Vehicles
  + stars: | 2022-12-08 | by ( Patrick Coffee | ) www.wsj.com   time to read: +4 min
Hertz Global Holdings Inc. named former GE Appliances marketer Wayne Davis as its new chief marketing officer, making him the first CMO at the car rental services company since 2020, a spokesman said. The company’s most recent chief marketing officer, Jodi Allen, died in 2020. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Electrification “speaks to mobility, and it speaks to making Hertz a brand for the future,” Mr. Davis said. Mr. Davis previously spent more than a decade at General Electric’s appliances division, which became GE Appliances after being acquired by Haier Smart Home Co. Ltd. in 2016.
☆ Hertz will pay $168 million to settle hundreds of false car theft claims
  + stars: | 2022-12-05 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Rob Wile | ) www.nbcnews.com   time to read: +1 min
Rental car giant Hertz Global Holdings announced Monday it would pay $168 million to settle 364 claims that it erroneously filed criminal reports against customers who did not return vehicles on time. In February, CBS News reported that Hertz was facing lawsuits from hundreds of customers who said they were falsely arrested for auto theft. Hertz Global Holdings also operates Dollar Rent A Car and Thrifty Car Rental, among others. Hertz said it believes it will recover some part of the settlement amount from its insurance carriers. It said the settlements resolve more than 95% of its pending theft reporting claims.
☆ Hertz settles lawsuits over hundreds of alleged false arrests
  + stars: | 2022-12-05 | by ( Peter Valdes-Dapena | ) edition.cnn.com   time to read: +1 min
CNN —Hertz will pay $168 million to settle 364 claims related to the company falsely reporting rental cars as stolen. Some of those involved in lawsuits against Hertz reported being held at gunpoint by police and spending days in jail before the false reports were worked out. In one case, a person claimed it took two years for the case against them to be resolved. The settlement will resolve 95% of pending claims against Hertz regarding these sorts of false arrest claims, the company said. Scherr had said in an April interview with CNBC that the cases involved “1/100 of one percent” of Hertz customer transactions.
☆ Hertz agrees to pay $168 million to settle allegations its customers were being falsely accused of stealing rental cars — and even sometimes arrested
  + stars: | 2022-12-05 | by ( Britney Nguyen | ) www.businessinsider.com   time to read: +4 min
Car-rental company Hertz has agreed to pay $168 million in settlements with hundreds of customers. Hertz said the settlement will resolve almost all of the over 360 pending claims against it. One of the customers who joined the class-action lawsuit against Hertz for the false theft reports was arrested four times, according to the lawsuit. Nicholas Wright previously told Insider that his then-13-year-old daughter, who was with him during the incident with police, is in therapy and struggles to see law enforcement out on the street. "As a 14-year-old young lady that is going to be a long-term thing that she's probably going to struggle with for the rest of her life," Wright told Insider.
☆ Watch CNBC's full interview with Palantir CEO Alex Karp and Hertz CEO Stephen Scherr on partnership
  + stars: | 2022-10-19 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Palantir CEO Alex Karp and Hertz CEO Stephen Scherr on partnershipPalantir CEO Alex Karp and Hertz CEO Stephen Scherr join 'Closing Bell' to announce their new partnership and discuss addressing transport asset allocation problems with Palantir's foundry software.
☆ Hardware with software join forces with new Hertz-Palantir partnership
  + stars: | 2022-10-19 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHardware with software join forces with new Hertz-Palantir partnershipPalantir CEO Alex Karp and Hertz CEO Stephen Scherr join 'Closing Bell' to announce their new partnership and comment on the evolution of travel trends with customers fusing business with leisure.
☆ The way to beat range anxiety with EVs is to have a robust charging network, says Hertz
  + stars: | 2022-10-12 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe way to beat range anxiety with EVs is to have a robust charging network, says HertzStephen Scherr of the car rental company says almost half of the vehicles that Hertz rents to its customers can drive a distance without requiring a single charge.
☆ GM, Hertz announce deal for 175,000 electric vehicles
  + stars: | 2022-09-20 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGM, Hertz announce deal for 175,000 electric vehiclesGeneral Motors has announced plans to sell 175,000 electric vehicles to Hertz through 2027. CNBC's Phil LeBeau talks to GM CEO Mary Barra and Hertz CEO Stephen Scherr about the deal.
☆ Goldman Sachs is going through a massive transformation under CEO David Solomon
  + stars: | 2022-05-16 | by ( Business Insider | ) www.businessinsider.com   time to read: +6 min
Goldman Sachs CEO David Solomon has been taken steps to transform the bank. Here's a rundown of other must-know news at Goldman, from struggles at its Marcus consumer bank to its return-to-office push, hires and exits. In November 2021, Goldman Sachs elevated 643 people to its 2021 class of managing directors, marking its largest class yet. Read more:Junior bankers in focusPeople enter and exit 200 West Street the Goldman Sachs building in New York. The going rate for investment-banking analysts on Wall Street, including Goldman Sachs, is now $110,000 before bonus, up from $85,000 pre-pandemic.
☆ Dozens of Goldman Sachs partners have departed the bank since David Solomon became CEO. See the running list here.
  + stars: | 2020-02-27 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com   time to read: +6 min
David Solomon has been Goldman Sachs' CEO for more than four years after succeeding Lloyd Blankfein. There's been a lot of talk about morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.
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