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Hertz CEO Is Out After EV Strategy Failed to Deliver
Hertz CEO Stephen Scherr has resigned his position after his ambitious EV strategy failed to deliver for the car rental company.
According to Fox Business, Scherr will step down effective March 31 and will be replaced by Gil West. West was formerly the CO of Delta Airlines and GM’s Cruise.
Scherr oversaw an ambitious plan to pivot to EVs for the company’s fleet, only for that plan to backfire as a result of much higher maintenance costs than the CEO or company expected, compounded by lower demand for the vehicles.
As a result of the failed strategy, Hertz announced in January that it would sell of roughly one-third of its EV fleet, or some 20,000 vehicles.
Hertz CEO Is Out After EV Strategy Failed to Deliver
Matt Milano
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