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Hertz CEO Out As Firm Seeks Traction After
Big EV Bet Goes Bust

Original Article

Posted By: DVC, 3/17/2024 7:34:06 PM

CEO Stephen Scherr's barely two-year ride with Hertz came to a screeching halt on Friday. In his wake, he leaves a company still working to recover from a big bet on electric vehicles gone bad. It will do so under new CEO Gil West, whose previous posts include executive roles at Delta Air Lines and the Cruise unit of General Motors. Scherr, who came on board in February 2022 after 30 years at Goldman Sachs, ushered the company through its emergence from bankruptcy. Hertz's EV push began in the previous year, with a splashy move to order 100,000 Tesla Model 3 vehicles.


Go "green", get fired!
It turns out that most people will NOT rent and EV when they need to travel on business or on vacation. Shouldn't be any sort of a surprise to anyone with a this CEO is gone.

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Reply 1 - Posted by: red1066 3/17/2024 8:00:15 PM (No. 1679751)
Maybe he can collaborate with the woman who approved the Bud Light ad and create a losers ad agency.
21 people like this.

Reply 2 - Posted by: WhamDBambam 3/17/2024 8:02:02 PM (No. 1679752)
The first of many.
15 people like this.

Reply 3 - Posted by: sw penn 3/17/2024 8:04:33 PM (No. 1679756)
Oh, No! Has the "bloodbath" started then? Why am I always the last to know?
15 people like this.

Reply 4 - Posted by: Venturer 3/17/2024 8:05:33 PM (No. 1679758)
Another part of the bloodbath that Trump referred to and that democrats are lying about.
18 people like this.

Reply 5 - Posted by: downnout 3/17/2024 8:17:25 PM (No. 1679773)
Thinking back (waaay back) to Econ 101 and Marketing 201 I seem to remember something about giving the consumer what he wants….
20 people like this.

Reply 6 - Posted by: Rumblehog 3/17/2024 8:19:06 PM (No. 1679775)
Probably too little too late, much like that idiot former Apple VP who took the helm of JC Penney, blew through all the cash buying clothes no one wanted, and bankrupt it. Stoopid Boards do stoopid things, but since they're all scratching each others' backs (and other places) and not representing Shareholders, the common stock bears the brunt of the damage. Hertz, like JC Penney, only has so much cash on hand to place orders for lease cars, and, well, it's gone. Good luck raising some more. "Corporate governance" in America's publicly-traded companies today is "incestuous" at best and "criminal" at worst. Hiring idiots with fancy MBAs and no relevant experience in the industry they've been hired to run is the first sign of something about to go wrong, 2-3 years down the road. I need to start up a Mutual Fund called, "The Janky Fund" which "shorts" companies based on their CEOs being graduates of the "fine" MBA/Grad schools, but with no experience in the core business itself. I could've seen this smoking hole in the ground before he even took-off. An "Ape" can be trained to "run" a company. A "Death Kamp Guard" can brutalize employees every quarter until "Zee numbers are met!" But it takes a leader with long-standing and detailed knowledge of the industry in order to "grow" a business.
14 people like this.

Reply 7 - Posted by: Omen55 3/17/2024 8:55:30 PM (No. 1679800)
Because when you rent a car looking for a charging station is not on your to do list.
17 people like this.

Reply 8 - Posted by: mc squared 3/17/2024 9:13:02 PM (No. 1679814)
I'll try an EV when I find one curbside, next to the rusty old lawnmower and recycling bin.
6 people like this.

Reply 9 - Posted by: Lawsy0 3/17/2024 9:45:54 PM (No. 1679823)
It isn't "going green" but it is going rust! Don't ask Stephen Scherr's advice for the Kentucky Derby! I wouldn't drive an electric car if it was given to me. I wouldn't want it parked anywhere near my house! Kaboom.
7 people like this.

Reply 10 - Posted by: Gordon Mills 3/17/2024 10:19:59 PM (No. 1679836)
With 100,000 Tesla's on the market maybe they will be more affordable for the non-rich.
3 people like this.

Reply 11 - Posted by: Boomerdeplorable 3/17/2024 11:29:05 PM (No. 1679850)
Maybe they can learn to code
7 people like this.

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