(FOX BUSINESS) — Hertz, one of the four largest car rental companies in the world, is replacing its CEO after the company reversed its bet on electric vehicle (EV) rentals over increasing costs.
Stephen Scherr will step down as Hertz Global Holdings Inc.’s chief executive officer and member of the company’s Board of Directors effective March 31, the company announced Friday. Scherr led Hertz for just over two years after spending nearly three decades at Goldman Sachs.
Scherr’s resignation comes as the car rental company struggles with the higher repair costs and low demand for EV rentals.
