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Hertz Global Holdings, an American car rental company, revealed its chief executive officer, Stephen Scherr, has resigned. The company confirmed that the CEO will officially step down on March 31.
Scherr's resignation comes after Hertz started to face various issues not long after acquiring a fleet of electric vehicles from Tesla. As per PYMTS, the company said it was losing money on the EVs and had to sell off a considerable number of them. Moreover, Scherr's departure was announced just weeks after it was reported that Hertz was also considering job cuts to save on costs.
CEO's Sudden Exit
Auto Rental News reported that Scherr was appointed Hertz's CEO in February 2022. He moved from Goldman Sachs, where he spent almost 30 years helping lead the firm by holding various executive roles. He left the investment banking firm in December 2021 as chief financial officer.
The reason for his resignation at Hertz was not disclosed, but many believe it is related to the issues with its EVs. The company said during its latest earnings report that the result was its biggest loss in three years.
This also led to the decision to withdraw from its investments in electric vehicles and put its 20,000 EVs up for sale. Hertz is incurring further losses due to the high costs of repairs for its EVs.
Hertz Global appoints new Chief Executive Officer
As Scherr departed, Hertz appointed Gil West as his replacement. Fox Business reported that the former chief operating officer of Delta Airlines and General Motors' Cruise division will take over on April 1 and join the company's board.
"We are thrilled to have Gil join Hertz as Chief Executive Officer," chairman of Hertz's board of directors, Tom Wagner, said in a statement. "Gil's experience as a successful leader in operationally intensive businesses will further strengthen the Company's world-class team of over 27,000 global employees who work tirelessly to deliver outstanding service to customers daily."
Photo by: mrkathika/Flickr (CC BY-SA 2.0)
