Hertz CEO Stephen Scherr Resigns Amid Company's Decision to Sell EVs

Stephen Scherr, CEO of Hertz, is resigning from the company, effective March 31. The resignation comes following the company's decision to sell nearly one-third of its electric vehicles from its fleet, including over 20,000 EVs, including Teslas. Hertz's Q4 2023 saw the company's largest quarterly loss in three years, reporting a net loss of $348 million. The company attributes the challenges to their electric vehicle fleet and other costs. Gil West, former COO of Delta Airlines and General Motors' Cruise self-driving car unit, will be replacing Scherr as CEO. Hertz aims for a smooth transition in leadership amid the changes. These decisions come after Hertz's declaration of Chapter 11 bankruptcy protection in May 2020 due to mounting debt and the impact of the Covid-19 pandemic on travel. The company's stock was down over 52% in a one-year period as of Monday morning.