Hertz’s Stephen Scherr will step down from his CEO function and member of the corporate’s board of administrators on March 31, the corporate introduced Friday. Hertz additionally named Gil West, former COO of Delta Air Traces and GM’s Cruise self-driving automotive unit, as its new CEO and member of the board of administrators, efficient April 1.
Scherr, a former Goldman Sachs CFO, had joined the automotive rental firm in February 2022, about seven months after Hertz exited Chapter 11 chapter.
The chief strikes come after the rental automotive firm posted a fourth-quarter 2023 loss of $348 million in contrast with revenue of $116 million a yr prior. It additionally follows Hertz’s announcement that it was promoting one-third of its electrical car fleet and had “paused” purchases of Polestar EVs.