Avis Budget Chief Executive to Depart

By Micah Maidenberg

Avis Budget Group Inc. has launched an effort to find a new leader after its chief executive said he would leave the rental-car company.

Avis said Tuesday that Chief Executive Larry De Shon will remain in his job until the company names a successor. In addition, Avis will employ Mr. De Shon until the end of the year to ensure a smooth transition to new leadership.

Avis said its board has formed a committee to find a new CEO.

During Mr. De Shon's tenure, Avis sought to remake its business of renting out vehicles and tie itself to changes rippling through the transportation sector. In 2017, for example, the company struck a deal with Alphabet Inc. to service its self-driving cars in Alphabet's Waymo unit. Avis now calls itself a "provider of mobility solutions."

Mr. De Shon, who was 59 when the company filed its proxy statement in March, took over the CEO position at Avis in January 2016. He joined the company in 2006 and served in a range of executive roles. Previously, Mr. De Shon spent 28 years at the predecessor company of United Continental Holdings Inc.

"Larry has played an instrumental role in positioning Avis Budget for the future of mobility, while navigating through unprecedented industry challenges," Leonard Coleman, chairman of the Avis board, said in prepared remarks.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

May 28, 2019 09:05 ET (13:05 GMT)

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