HERTZ Global is replacing its chief executive officer in the wake of a disastrous bet on electric vehicles (EVs) 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, has decided to step down, the rental-car company said on Friday.
It is replacing him with Gil West, the former chief operating officer of General Motors’ Cruise robotaxi unit. West also will join the board of directors on Apr 1, according to Hertz’s statement, which confirmed an earlier Bloomberg report.
Scherr, 59, joined Hertz several months after it emerged from bankruptcy and started making splashy wagers on EVs.
Under new owners Knighthead Capital Management and Certares Management, the rental company announced plans to order 100,000 vehicles from Tesla, sending the automaker’s market capitalisation soaring past the US$1 trillion mark at the time.
