Hertz CEO Stephen Scherr is stepping down and replacing former GM Cruise COO Gil West. Scherr joined Hertz after it placed a large order for Teslas and increased its EV bet further with orders from Polestar and GM. However, Hertz struggled with the Teslas due to price cuts reducing resale value and high repair costs. The company sold off around 20,000 EVs, a third of its electrified fleet, taking a $245 million charge. Other rental companies like Sixt have also ditched their EV fleets recently. West was previously one of nine Cruise executives dismissed over withholding a video of a pedestrian accident.