Hertz CEO Stephen Scherr Resigns Amid EV Strategy Setbacks

Gil West, with experience at Delta Airlines and GM's Cruise unit, is set to lead the company into its next phase.

Stephen Scherr steps down as CEO of Hertz after a challenging period marked by high repair costs and low demand for electric vehicles.
The company's bet on electric vehicles, including a purchase of 100,000 Teslas, resulted in significant financial losses and a strategic pivot.
Gil West, former COO at Delta Airlines and GM’s Cruise unit, will take over as CEO, bringing experience from operationally intensive businesses.
Hertz plans to sell about 20,000 electric vehicles from its U.S. fleet, shifting focus back to gas-powered vehicles amid financial and operational challenges.
The transition aims to stabilize the company following a $348 million loss attributed to the electric vehicle strategy.