Stephen Scherr has stepped down as CEO of Hertz in the wake of the company's biggest quarterly loss since the pandemic. Gil West, the former chief operating officer at Cruise, will step in and take over as CEO of the embattled rental car company. Scherr joined Hertz in 2022 with no experience in the rental industry, but had nearly 30 years with Goldman Sachs. He followed interim CEO Mark Fields, who spent $2 billion on stock buybacks and made big bets on electric vehicles.
“It’s a black eye they couldn’t recover from.” Scherr will be followed by West, and Hertz hopes that his experience in the automotive industry will help him lead it to success. However, the incoming CEO is one of nine executives dismissed by Cruise, GM's robotaxi company, after its vehicle dragged a pedestrian several feet down the street, and the company allegedly withheld evidence from regulators.
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