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Hertz CEO Stephen Scherr steps down following failed electric vehicle initiative.

BySamantha Johnson

Mar 18, 2024
Hertz CEO Stephen Scherr steps down following failed electric vehicle initiative.

Automotive expert Mike Caudill weighed in on the Treasury secretary’s optimistic comments about the future of electric vehicles in America on The Bottom Line. Hertz, a major car rental company, has announced a leadership change as the company faces challenges related to electric vehicle rentals. Stephen Scherr, who has served as Hertz Global Holdings Inc.’s CEO for over two years, will step down from his position on March 31. Scherr’s resignation follows the company’s decision to sell approximately 20,000 electric vehicles from its U.S. fleet due to higher repair costs and low demand for EV rentals.

The Biden administration had previously praised Hertz for its investment in electric vehicles as part of its efforts to promote sustainability in the transportation sector. However, Hertz reported its largest quarterly loss in over a year after shifting away from EVs. Despite Scherr’s initial focus on electric vehicles, the company faced challenges that led to the strategic decision to transition back to gas-powered cars.

In response to Scherr’s departure, Hertz has named Gil West, a former executive at Delta Airlines and General Motors, as the new CEO effective April 1. The goal is to ensure a smooth transition as the company continues to navigate the evolving automotive landscape. Stay tuned for updates as Hertz adjusts its strategy in response to changing market conditions.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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