Hertz CEO Stephen Scherr steps down, Co. Unwinds Bet on EV Cars

Hertz Global Holdings Inc. is changing its Chief Executive Officer after facing setbacks tied to its venture into electric vehicles (EVs), a move it’s been reversing in recent months.

Stephen Scherr, who led Hertz for just over two years after a lengthy stint at Goldman Sachs Group Inc., has chosen to step down from the post, the company announced on Friday. He’s being succeeded by Gil West, formerly the Chief Operating Officer (COO) of General Motors Co.’s Cruise robotaxi unit. West will also join the Board of Directors on April 1, according to the statement.

Scherr, 59, joined Hertz shortly after it emerged from bankruptcy and initiated bold investments in EVs. Under new ownership by Knighthead Capital Management and Certares Management, Hertz announced plans to purchase 100,000 vehicles from Tesla, propelling the automaker’s market value beyond $1 trillion.

West, Scherr’s replacement, brings experience from his roles at Cruise and Delta Air Lines. Knighthead and Certares had considered him for the CEO position even before they acquired Hertz, appreciating his understanding of EVs and his proximity to Hertz’s Florida headquarters.

Scherr will aid in the CEO transition until his departure from the company and its Board on March 31.