Hertz CEO Out After Costly Bet on EVs Backfires

• Hertz CEO Stephen Scherr is resigning after the company's big bet on EV rentals backfired due to high costs and low demand • Scherr led Hertz for just over 2 years after a long career at Goldman Sachs; he will be replaced by former Delta and GM executive Gil West • Hertz recently decided to sell 1/3 of its EV fleet and invest more in gas-powered cars instead • The pivot away from EVs led to Hertz reporting its biggest quarterly loss since 2020 • Scherr joined Hertz as it emerged from bankruptcy and began making large investments in EVs