ESTERO, Fla. - Hertz (NASDAQ:HTZ) Global Holdings (OTC:HTZGQ), Inc. (NASDAQ: HTZ), announced that Gil West, an experienced transportation executive, is set to take over as Chief Executive Officer starting April 1, 2024. West, who has previously served as the Chief Operating Officer at Delta Airlines (NYSE:DAL) and GM's Cruise unit, will succeed Stephen Scherr following his decision to step down at the end of March.
The transition comes as Hertz, a prominent player in the global rental car industry, continues to navigate a rapidly evolving automotive landscape. With a history spanning over a century, Hertz is known for its strong brand presence and customer loyalty.
The company oversees several well-known brands, including Hertz, Dollar, Thrifty, and Firefly, and operates the Hertz 24/7 car sharing business in international markets, in addition to selling vehicles through Hertz Car Sales.
Tom Wagner, Vice Chair of the Hertz Board of Directors, expressed confidence in West's leadership capabilities, citing his track record in operationally intensive businesses and his ability to lead large teams effectively. West's appointment is seen as a strategic move to drive operational and EBITDA growth within the company.
Colin Farmer, Lead Director of the Hertz Board of Directors, highlighted West's past successes in orchestrating operational turnarounds and leading a workforce of over 70,000 at Delta.
Farmer noted that West's experience would be instrumental in building upon the strategic initiatives started during Scherr's tenure, which includes technology improvements, commercial partnerships, and the revitalization of Hertz's value brands.
Outgoing CEO Stephen Scherr acknowledged the efforts made by the Hertz team over the past two years to position the company for long-term success. He expressed optimism about Hertz's future trajectory and its role as a leader in mobility.
The company's statement also included a cautionary note regarding forward-looking statements, reminding stakeholders that such statements are subject to risks and uncertainties and that actual performance may differ from expectations.
This leadership change announcement is based on a press release statement from Hertz Global Holdings, Inc.
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