Hertz CEO Scherr Resigns After Pivoting Away From Electric Vehicle Plans

• Hertz CEO Stephen Scherr resigning effective March 31 after 2 years leading the company • Decision comes after Hertz reversed its bet on EV rentals due to higher costs and low demand • Hertz announcing biggest quarterly loss since 2020 following pivot away from EVs • Under Scherr, Hertz's push into EVs failed over repair costs and rental demand issues • Scherr to be replaced by Gil West, former COO of Delta and GM's Cruise unit, starting April 1