EVs and CEO Out at Hertz

Hertz CEO Stephen Scherr is stepping down at Hertz Global Holdings as the company stopped betting the farm on electric vehicle (EV) rentals because of increasing repair costs and little demand for the cars.

In January, Hertz announced it would sell approximately 20,000 EVs from its U.S. fleet and replace them with gas-powered cars. Last month, Hertz announced its biggest quarterly loss since 2020 after it decided to pivot away from EVs. Scherr joined Hertz as the company emerged from bankruptcy and started investing heavily in EVs.

Hertz will replace Sherr with Gil West, the former Delta Airlines Chief Operating Officer and General Motors’ Cruise unit, effective April 1. The company said Scherr is working with West to ensure a smooth transition.