HERTZ CEO STEPHEN SCHERR WILL STEP DOWN AT THE END OF MARCH

     “Hertz Will Replace Scherr With Gil West Former Chief Operating Officer Of Delta Airlines.”

Monday, March 18, 2024, 11:15 A.M. ET. By Art Fletcher: Englebrook Independent News,

ESTERO, FL.- On Friday, March 15, 2024, Hertz, one of the Big Four largest Car Rental Companies Worldwide, announced that it’s replacing its Chief Executive Officer after the company reversed its plan for Electric Vehicles, due to High Repair Costs and lagging Resale for EVs.

     Stephen Scherr will resign effectively on March 31, 2024, as Hertz Global Holdings Inc.’s Chief Executive Officer and Member of The Company’s Board of Directors. Scherr had led Hertz for just a little over two years after spending Three Decades with Goldman Sachs. Scherr’s Resignation comes after the Car Rental Company has financially struggled with people not wanting to Rent EVs and increasing repair costs.

     Back in January, Hertz announced in Corporate Financial Filings that it had made the decision to sell approximately 20,000 Electric Vehicles from its U.S. Fleet, or just around One-Third of its Global Electric Vehicle Fleet, and will now invest in Gas-Powered Cars.

     The Biden Administration had praised Hertz for its Investment in Electric Vehicles, as President Biden pushed to Electrify the Transportation Sector as part of his Climate Agenda, which is not panning out as he planned.

     Last month, Hertz posted its Biggest Quarterly Loss since 2020, following its decision to move away from The Electric Vehicle push. Under Scherr, Hertz’s push to Invest in Electric Vehicles Failed over ever-increasing repair costs and people’s hesitation to rent Electric Vehicles.

     Gil West will replace Scherr as of April 1 Scherr over the next couple of weeks will work with West to ensure a Smooth Transition, according to Company Officials.