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Hertz CEO Stephen Scherr resigns after giant wager on EVs is going bust

Hertz CEO Stephen Scherr resigns after giant wager on EVs is going bust
March 18, 2024


Hertz, one of the most 4 greatest automotive apartment corporations on the planet, is changing its CEO after the corporate reversed its wager on electrical automobile leases over expanding prices.

Stephen Scherr will step down as Hertz World Holdings Inc.’s leader government officer and member of the corporate’s Board of Administrators efficient March 31, the corporate introduced Friday. Scherr led Hertz for simply over two years after spending just about 3 a long time at Goldman Sachs.

Scherr’s resignation comes as the auto apartment corporate struggles with the upper restore prices and coffee call for for EV leases.

In January, Hertz introduced in monetary filings that it had made the “strategic choice” to promote roughly 20,000 EVs from its US fleet, or about one-third of its world EV fleet, and to as a substitute put money into gas-powered automobiles.

The Biden management has in the past lauded Hertz for its funding in EVs because the president made an competitive push to widely electrify the transportation sector as a part of his local weather schedule.

Hertz CEO Stephen Scherr resigns after giant wager on EVs is going bustStephen Scherr led Hertz for simply over two years after spending just about 3 a long time at Goldman Sachs. Mark McQueen

Remaining month, Hertz introduced its largest quarterly loss since 2020 after its choice to pivot clear of EVs.

Scherr, 59, joined Hertz as the corporate used to be rising from chapter and started having a bet giant on EVs.

 A Hertz Tesla electric vehicle Remaining month, Hertz introduced its largest quarterly loss since 2020 after its choice to pivot clear of EVs. A Hertz Tesla electrical automobile, above. REUTERS

Hertz will change Sherr with Gil West, the previous Leader Working Officer of Delta Airways and Basic Motors’ Cruise unit, efficient April 1. 

Scherr is operating with West over the approaching weeks to verify a clean transition, the corporate stated.

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