00:00 It's Benzinga and here's what's on the block.
00:02 Hertz CEO Stephen Sher is stepping down and being replaced by former GM Cruise COO Gil West.
00:07 Sher joined Hertz after it placed a large order for Teslas and increased its EV bet further with
00:11 orders from Polestar and GM. However, Hertz struggled with the Teslas due to price cuts
00:15 reducing resale value and high repair costs. The company sold off around 20,000 EVs,
00:20 a third of its electrified fleet, taking a $245 million charge. Other rental companies like Sixt
00:25 have also ditched their EV fleets recently. West was previously one of nine cruise executives
00:30 dismissed over holding a video of a pedestrian accident. For all things money visit Benzinga.com
