Hertz CEO Out Amid $245M Electric Vehicle Fleet Losses and Business Struggles

• Hertz CEO Stephen Scherr is stepping down after the company took a major financial hit related to its electric vehicle fleet • Hertz lost $245 million in one quarter due to dropping values of EVs it planned to sell from its fleet • Analysts say Hertz's EV strategy and execution was poorly handled overall • Customers were less interested in renting EVs than Hertz anticipated due to lack of charging infrastructure • This is the 5th leadership change at Hertz in 4 years amid ongoing business struggles