Hertz CEO to Step Down Following Failed Bet on Electric Vehicles

Hertz took a $245 million charge from offloading the EVs and posted a bigger-than-expected loss of $348 million in the fourth quarter.

A Hertz Tesla electric vehicle is displayed during the Hertz Corporation IPO at the Nasdaq Market site in Times Square in New York, on Nov. 9, 2021. Brendan McDermid/Reuters

The CEO of car rental company Hertz will step down following the company’s failed bet on electric vehicles (EVs), leading to a heavy loss in the last quarter.

Hertz announced on March 16 that Stephen Scherr will leave the company as CEO and board member at the end of this month. Gil West, former chief operating officer of Delta Airlines and GM’s Cruise, will succeed Mr. Scherr as the company’s new CEO.