Avis Budget Group Announces New CEO

On Sep 16, 2015

Parsippany-based Avis Budget Group, Inc. today announced that its Board of Directors has selected Larry D. De Shon as the company’s next chief executive officer, succeeding Ronald L. Nelson, who has held the position since 2006. De Shon, the company’s president, International, will become president and chief operating officer effective October 1, 2015, and will assume the role of CEO on January 1, 2016. Mr. De Shon has also been appointed to the Board, effective October 1.

Nelson, who became chairman of the board of Avis Budget Group in 2006, will continue as executive chairman after De Shon assumes the CEO role to ensure a smooth transition of his CEO responsibilities to De Shon. De Shon (age 56) has been in his current position since January 1, 2015, where he has been responsible for overseeing all of the Company’s brands in the International region. He joined the company in 2006 and has previously overseen Avis Budget’s Europe, Middle East and Africa (EMEA) and U.S. operations. Prior to joining Avis Budget, De Shon had a 28-year career at United Airlines, which included global responsibility for marketing, on-board service and airport operations.

The company’s senior executive vice president and chief financial officer, David B. Wyshner, will become the Company’s president, effective January 1, 2016. In his expanded role, Mr. Wyshner (age 48) will assume global responsibility for the Company’s strategy, licensing and integration of the demand/fleet/pricing system, in addition to his current responsibilities as chief financial officer, which include mergers and acquisitions and information technology. Mark J.

Servodidio, managing director, Europe, has been promoted and will assume De Shon’s current regional leadership responsibilities as president, International, and Joseph Ferraro will continue to lead the company’s Americas region as president, Americas.

“Larry and David have an extremely strong track record of producing results and are eminently qualified for their new positions. We have worked diligently with the Board over the past several years to successfully develop and prepare them for their new roles. The Board and I are confident that these two executives will seamlessly transition into their new responsibilities and, together with Mark and Joe, continue to drive our strategy forward into the future,” said Nelson.

“The opportunity to lead Avis Budget Group is a tremendous honor. I look forward to continue working with David and the entire senior leadership team to engage our exceptional employees and produce results for all stakeholders,” said De Shon.

Leonard S. Coleman, presiding director of the Board, thanked Nelson and congratulated De Shon and Wyshner. “Ron’s leadership, vision and execution have produced strong returns to shareholders since he became the Company’s CEO in 2006, and we look forward to his continued guidance as executive chairman of the Board,” said Mr.

Coleman. “The Board has high confidence in Larry and David, who have faced tough challenges during their careers and consistently delivered strong results,” he said.

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