Avis Budget CEO to Leave; Search Begins for Successor -- WSJ
May 29 2019 - 3:02AM
Dow Jones News
By Micah Maidenberg
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (May 29, 2019).
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 is 59, 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 29, 2019 02:47 ET (06:47 GMT)
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