Former Exec From GM's Troubled AV Unit Takes The Wheel As Hertz's New CEO To Drive Cost-Cutting Mission
Portfolio Pulse from Anan Ashraf
Hertz Global Holdings Inc (NASDAQ:HTZ) appointed Gil West, former COO of GM's autonomous driving unit Cruise, as its new CEO. West's appointment is part of Hertz's cost-cutting mission, which includes selling 20,000 electric vehicles due to high repair costs and replacing them with combustion engine cars. Hertz reported a Q4 adjusted EPS loss of $1.36, with revenue growing 7% year on year to $2.18 billion. GM reported a $3.48 billion operating loss at Cruise in 2023.
March 18, 2024 | 8:43 am
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Hertz appoints Gil West as CEO, signaling a strategic shift towards cost-cutting by selling 20,000 EVs, including Teslas, due to high repair costs.
The appointment of Gil West, with his background in operations, suggests a strong focus on cost management and operational efficiency. Selling off high-cost EVs to replace them with combustion engine cars could improve short-term financials but may impact long-term EV strategy.
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