Hertz CEO Stephen Scherr resigns after EV push goes bust. We can’t imagine why people wouldn’t pay exorbitant prices to rent a vehicle that you spend half your vacation trying to find a charging port.
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.
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More and more I have begun to think that "CEO" is a synonym for stupid. These 21st century CEOs, pumped out by the bin-load by Ivy League universities, are indeed a marvelously stupid collection of individuals, aren't they? It's like they vie with each other in some sort of mysterious, secret contest to see who can make the stupidest business decision and cause the most damage to the company they run. Taking over a recently-bankrupt and therefore presumably fragile car rental company and replacing a significant portion of its fleet with electric cars that nobody with half a brain would ever want to rent, might just be the stupid decision that wins that contest. This guy must have watched what a certain beer company CEO did to his company and said, "Here, hold my Bud Light."