Avis Budget Group names interim CEO amid search for permanent chief

The company is conducting a thorough search process to find a permanent CEO

Rental car agency Avis Budget Group on Monday named Joe Ferraro interim CEO, as the company looks to fill the position left vacant by Larry De Shon who announced earlier this year his intent to step down.

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The company, which dubs itself a “leading global provider of mobility solutions,” said Ferraro will become interim chief executive on Jan. 1, 2020.

“I am pleased to step into the Interim CEO role,” Ferraro said in a statement. “Over the course of my career with the Company, I have seen firsthand how our success is driven by our commitment to delivering quality service for our customers and performance for our shareholders. I look forward to working with our entire global team to continue to execute on our strategy.”

Joe Ferraro pictured next to a view of a Avis Rent a Car store in Hong Kong. (Yu Chun Christopher Wong/S3studio/Getty Images/Avis)

Ferraro has been with the company for over 40 years. Prior to his appointment, Ferraro was responsible for the company’s Avis, Budget, Payless and Zipcar brands in North and South America, including Latin America and the Caribbean.

"As President of the Americas division for the last five years, Joe has driven operational excellence across our business in the Americas," board Chairman Leonard Coleman said in a statement. "We are fortunate to have a deep bench of talent at Avis Budget Group, and we are confident that Joe and the rest of our management team will continue to provide steady leadership as we continue our search for a permanent CEO.”

TickerSecurityLastChangeChange %
CARAVIS BUDGET GROUP INC27.00+1.54+6.05%

The company is one of the largest car rental providers, operating the well-known brands Avis, Budget and Zipcar. To date, it has more than 11,000 rental locations across 180 countries around the world, and approximately 30,000 employees.

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Chief Financial Officer Izzy Martins will fill Ferraro's role as president of the Americas. Martins has been with the company for 15 years in a number of senior strategic and financial roles.

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Earlier this year, De Shon announced he would be departing by the end of the year after a successor was appointed, ending his 13-year stint with the company. He joined Avis in 2006 and has held several executive-level roles. 

Larry De Shon

Avis' CEO Search Committee is conducting a thorough search process to find a permanent chief executive, the company said.

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