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Hertz CEO Stephen Scherr is history

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Old Mar 18, 2024, 6:09 am
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Hertz CEO Stephen Scherr is history
The "brainchild" of the Tesla debacle at Hertz, the CEO now gone after only 2 years, perhaps he'll go back to Goldman Sachs if they'll have him. What a misjudgment on his watch, Hertz only got worse...Not sure his successor is a great improvement-- Gil West, the former CEO of Cruise robotaxis who was "dismissed" by GM after the body dragging incident in San Francisco... . https://www.theverge.com/2023/10/3/2...ry-sf-robotaxi

https://ir.hertz.com/news-releases/n...cutive-officer
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Last edited by randix; Mar 18, 2024 at 6:10 am Reason: grammar
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Old Mar 18, 2024, 7:45 am
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I wonder when boards will realize that just because someone has experience in the world of finance, it does not make them a great leader (in any industry) or capable of leading a huge corporation without any particular experience in its industry. While Gil West does have an eyebrow-raising recent history, at least he's worked in the travel industry before (pre-GM).
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Old Mar 18, 2024, 12:53 pm
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Originally Posted by randix
The "brainchild" of the Tesla debacle at Hertz, the CEO now gone after only 2 years,
FWIW, CNN says it was Scherr's predecessor, Mark Fields, who initially made the big bet on EVs.
https://www.cnn.com/2024/03/18/busin...-ev/index.html
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Old Mar 18, 2024, 2:15 pm
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Both Scherr and Fields have made multiple appearances on CNBC. All I can say, my impression from those multiple appearances, Scherr "wore" it... not the first time I've disagreed with CNN
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Old Mar 18, 2024, 8:23 pm
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Originally Posted by randix
The "brainchild" of the Tesla debacle at Hertz, the CEO now gone after only 2 years, perhaps he'll go back to Goldman Sachs if they'll have him. What a misjudgment on his watch, Hertz only got worse...Not sure his successor is a great improvement-- Gil West, the former CEO of Cruise robotaxis who was "dismissed" by GM after the body dragging incident in San Francisco... . https://www.theverge.com/2023/10/3/2...ry-sf-robotaxi

https://ir.hertz.com/news-releases/n...cutive-officer
Gil West is better known a Delta's former Chief Operating Officer.

Just wait for it...
Pretty soon you'll only be able to rent a Hertz car by using a Hertz co-branded Amex. Discount codes won't accrue points or allow car upgrades. President's Circle will only allow something as nice as an Altima unless you pay for further upgrade or nothing else is available? And there will be rope lines to get a car, with those paying full rental rate getting to skip the line.
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Old Mar 19, 2024, 6:11 am
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Originally Posted by randix
Both Scherr and Fields have made multiple appearances on CNBC. All I can say, my impression from those multiple appearances, Scherr "wore" it... not the first time I've disagreed with CNN

Wikipedia
On July 1, 2021, Hertz emerged from Chapter 11 bankruptcy and changed its ticker symbol from HTZGQ to HTZZ.[8]

In October 2021, Mark Fields was named interim CEO of Hertz with a focus on forward looking investments.[53] On October 25, 2021, Fields announced that Hertz will buy 100,000 Tesla vehicles citing his goal of fleet electrification and that Tesla is the "only manufacturer that can produce EVs at scale".[54]

In November 2021, the company went public again on the Nasdaq with symbol HTZ.[55]

In February 2022, Stephen M. Scherr was named CEO of Hertz.[41] He stepped down in March 2024, being replaced by Gil West.[56]
maybe you can correct this timeline if you think it’s wrong?
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Old Mar 19, 2024, 6:26 pm
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As I stated, and notwithstanding your timeline, Scherr "wore" the big addition of EVs at Hertz, not only overseeing and implementing the Tesla buy, but during his tenure, "doubling down" on the EV commitment...

"Hertz doubled down on EVs in the months after Scherr took over, placing big orders with Polestar, the electric-car maker owned by China’s Geely and Sweden’s Volvo Car, and GM."
That was made abundantly clear by him during multiple appearances on CNBC.

https://fortune.com/2024/03/15/ceo-s...rchase-teslas/
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Old Mar 19, 2024, 6:51 pm
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Wonder when the resale market is going to be hit with a glut of high mileage used Teslas from Hertz with questionable battery condition that nobody wants to buy.
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Old Mar 19, 2024, 7:47 pm
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Originally Posted by rylan
Wonder when the resale market is going to be hit with a glut of high mileage used Teslas from Hertz with questionable battery condition that nobody wants to buy.
I noticed the bolts were about 19k a month or two ago and the cheapest are now down to 16k.
https://www.hertzcarsales.com/used-c...netPrice%20asc

There are more bolts on sale than Teslas
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Old Mar 20, 2024, 1:39 pm
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Originally Posted by rylan
Wonder when the resale market is going to be hit with a glut of high mileage used Teslas from Hertz with questionable battery condition that nobody wants to buy.
Originally Posted by xienon
I noticed the bolts were about 19k a month or two ago and the cheapest are now down to 16k.
In Georgia, Hertz's used 2023 Bolts are priced $21,096 to $21,712 while their used Teslas start at $24,099. The newest Teslas are 2023 base (RWD) Model 3s - one with 27,632 miles is $26,699 and another with 23,502 miles is $26,699.
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Old Mar 21, 2024, 6:38 am
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Originally Posted by randix
As I stated, and notwithstanding your timeline, Scherr "wore" the big addition of EVs at Hertz, not only overseeing and implementing the Tesla buy, but during his tenure, "doubling down" on the EV commitment...

"Hertz doubled down on EVs in the months after Scherr took over, placing big orders with Polestar, the electric-car maker owned by China’s Geely and Sweden’s Volvo Car, and GM."
That was made abundantly clear by him during multiple appearances on CNBC.

https://fortune.com/2024/03/15/ceo-s...rchase-teslas/
Notwithstanding all the bolding, underlining, and red marking, the definition of “brainchild” as used in your very first sentence in this thread would seem to apply more to the CEO who actually and originally came up with the strategy of ordering tons of EVs (incl. Teslas), and that was Mr. Fields.

(I don’t know either gentleman and don’t give a flying hoot about their reputation and responsibility, but the facts as I find them simply don’t support your claims. But hey, if you saw it on CNBC…)
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Old Mar 21, 2024, 12:13 pm
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Originally Posted by RatherBeOnATrain
In Georgia, Hertz's used 2023 Bolts are priced $21,096 to $21,712 while their used Teslas start at $24,099. The newest Teslas are 2023 base (RWD) Model 3s - one with 27,632 miles is $26,699 and another with 23,502 miles is $26,699.
Seems pricey especially for the Bolt... and I wouldn't trust the battery condition of an EV from a rental/fleet knowing how renters don't care about good charging practices. I'd be much more comfortable with a used rental/fleet ICE or Hybrid.
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Old Mar 21, 2024, 1:13 pm
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It was not "reported" by CNBC, Scherr APPEARED in person on CNBC, multiple times, from his mouth, defending Hertz's EV focus, and I listened without any third party filter os what he had to say. And, as reported in the Fortune article I quoted, Hertz double downed AFTER Scherr came on board. Can't get much more clear than that, Scherr "wore" that wrong decision. Let's hope Hertz wakes up with the new CEO and as their EV inventory dwindles, more rational pricing and selection responsive to the majority of renters, returns to some level of sanity. My op.
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Old Mar 21, 2024, 4:12 pm
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Originally Posted by randix
It was not "reported" by CNBC, Scherr APPEARED in person on CNBC, multiple times, from his mouth, defending Hertz's EV focus, and I listened without any third party filter os what he had to say. And, as reported in the Fortune article I quoted, Hertz double downed AFTER Scherr came on board. Can't get much more clear than that, Scherr "wore" that wrong decision. Let's hope Hertz wakes up with the new CEO and as their EV inventory dwindles, more rational pricing and selection responsive to the majority of renters, returns to some level of sanity. My op.
Agreed, on the earnings calls he defended the EV strategy until they threw in the towel at the end of last year.
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Old Mar 21, 2024, 4:39 pm
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I am as environmentally conscious as anyone, but I must say, the EVs are a particularly bad fit for business car rentals. Typically, I fly somewhere, rent a car to go to several back to back meetings, and then rush back to the airport to fly somewhere else. There is no time to find a charging station and twiddle my thumbs waiting for the battery to charge. The few times that I have been rented EVs when reserving a regular car, you have to make sure they aren't banging you with the ridiculous charging fee. So all in all, not a great fit.
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