Hertz CEO Stephen Scherr resigned this weekend in the wake of the company’s losses from investing heavily in electric vehicles.
Last month, Hertz announced its biggest quarterly operating loss since 2020, going from a profit of $464 million to a loss of $348 million.
The rental car company invested heavily in an electric car rental fleet that was too expensive to maintain and had a lower resale value than expected. The company dropped 20,000 EVs, about a third of its electric fleet.
Scherr, who led Hertz for two years, will step down on March 31 and be replaced by Gil West, former Chief Operating Officer of Delta Airlines.
