Transportation
Hertz’s CEO to Step Down as Car Renter Unwinds Bet on EVs
- Company hires former Cruise COO to replace ex-Goldman CFO
- Price cuts hammered the resale value of EVs in Hertz’s fleet
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Hertz Global Holdings Inc. is replacing its chief executive officer in the wake of a disastrous bet on electric vehicles that the company began unwinding in recent months.
Stephen Scherr, who ran Hertz for just over two years after three decades at Goldman Sachs Group Inc., has decided to step down, the rental-car company said late Friday in a statement. It’s replacing him with Gil West, the former chief operating officer of General Motors Co.’s Cruise robotaxi unit. West also will join the board of directors on April 1, according to the statement, which confirmed an earlier Bloomberg report.