Hertz CEO Steps Down After Losses on Tesla Order, Replaced by Former Cruise Executive

Hertz CEO Stephen Scherr is stepping down after the company lost money on a 100,000 Tesla order due to low resale value and expensive repairs.

Hertz will replace Scherr with former Cruise COO Gil West, who starts April 1st.

Hertz took a $245 million charge and reported significant losses after starting to sell off 20,000 EVs from its fleet.

West was previously one of 9 Cruise executives dismissed over withholding information about a self-driving vehicle accident.

Knighthead and Certares, Hertz's owners, had previously approached West for the CEO role but he was committed to Cruise at the time.