Hertz CEO Resigns After Blowing Big Gamble on EVs

Article originally appeared on www.westernjournal.com.

Stephen Scherr, chief executive officer of Hertz Global Holdings Inc. and a member of its board of directors, will step down on March 31, following the car rental company’s largest quarterly loss since 2020 after a risky bet on electric vehicles.

According to Fox Business, Scherr is working with Gil West, former chief operating officer of Delta Airlines and General Motors’ Cruise unit, to ensure a smooth transition.

West will officially start his new role at Hertz on April 1.

Scherr, 59, joined Hertz two years ago as the company was emerging from bankruptcy and putting a big focus on EVs during that time. Prior to that, he spent nearly 30 years at Goldman Sachs.

According to Quartz, Hertz soon discovered that EVs are more expensive to maintain than they had initially thought.

And Scherr stated to investors that EVs turned out to be more of an “operational distraction.”

Scherr reportedly also told investors …

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