Hertz’s Stephen Scherr will step down from his CEO role and member of the company’s board of directors on March 31, the company announced Friday. Hertz also named Gil West, former COO of Delta Air Lines and GM’s Cruise self-driving car unit, as its new CEO and member of the board of directors, effective April 1.
Scherr, a former Goldman Sachs CFO, had joined the car rental company in February 2022, about seven months after Hertz exited Chapter 11 bankruptcy.
The executive moves come after the rental car company posted a fourth-quarter 2023 loss of $348 million compared with income of $116 million a year prior. It also follows Hertz’s announcement that it was selling one-third of its electric vehicle fleet and had “paused” purchases of Polestar EVs.
