Hertz Global CEO Scherr to Step Down After EV Reversal
Hertz Global Chief Executive Stephen Scherr will step down as the company looks to move forward from a major reversal of its investment in electric vehicles.
The car-rental company on Friday named Gil West, a former executive at Delta Airlines and General Motors’ Cruise unit as its next chief executive, effective April 1.
Scherr joined Hertz in February 2022 and oversaw the company after its exit from bankruptcy and subsequent reorganization. He previously served as Goldman Sachs Group’s chief financial officer.
West served as chief operating officer of Cruise, GM’s autonomous vehicle business, which paused operations nationwide in October after a series of safety incidents. He also oversaw operations for Delta from 2014 to 2020.
Hertz bet big on electric vehicles in 2021 with a major investment to purchase thousands of Tesla EVs. Scherr dug in on the move, with the company agreeing to buy 65,000 vehicles from Swedish EV company Polestar shortly after.
In January, Hertz said it would sell about a third of its electric-vehicle fleet worldwide, or about 20,000 vehicles, a reversal of its earlier bet. The company said it would use some of the proceeds to buy internal-combustion engine after facing weaker demand for EVs and higher operating costs.
Hertz Vice Chair Tom Wagner said in a statement Friday that the company appreciated Scherr’s contribution during his tenure, including on “a number of key strategic initiatives.”
Scherr will officially step down as CEO and as a member of the board on March 31
The car-rental company on Friday named Gil West, a former executive at Delta Airlines and General Motors’ Cruise unit as its next chief executive, effective April 1.
Scherr joined Hertz in February 2022 and oversaw the company after its exit from bankruptcy and subsequent reorganization. He previously served as Goldman Sachs Group’s chief financial officer.
West served as chief operating officer of Cruise, GM’s autonomous vehicle business, which paused operations nationwide in October after a series of safety incidents. He also oversaw operations for Delta from 2014 to 2020.
Hertz bet big on electric vehicles in 2021 with a major investment to purchase thousands of Tesla EVs. Scherr dug in on the move, with the company agreeing to buy 65,000 vehicles from Swedish EV company Polestar shortly after.
In January, Hertz said it would sell about a third of its electric-vehicle fleet worldwide, or about 20,000 vehicles, a reversal of its earlier bet. The company said it would use some of the proceeds to buy internal-combustion engine after facing weaker demand for EVs and higher operating costs.
Hertz Vice Chair Tom Wagner said in a statement Friday that the company appreciated Scherr’s contribution during his tenure, including on “a number of key strategic initiatives.”
Scherr will officially step down as CEO and as a member of the board on March 31
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
