Avis Budget Group announced Tuesday a succession plan in which its current CEO and president will be leaving his post after a 13-year career with the company.
The Parsippany-based provider of mobility solutions said Larry De Shon is stepping down from his role as CEO and president. De Shon will remain in that position until a successor has been named and will be employed until the end of the year to ensure a smooth transition.
“On behalf of the board and the entire team, I’d like to thank Larry for the many contributions he has made to Avis Budget Group since he joined the company in 2006, and for his exceptional leadership as CEO for the last four years. Larry has played an instrumental role in positioning Avis Budget for the future of mobility, while navigating through unprecedented industry challenges. Together, with our outstanding management team, Larry has built a strong foundation for growth and continued success. We are pleased that we will continue to have access to Larry’s insights,” Leonard S. Coleman, chairman of the board, said.
The company’s board has created a CEO search committee to be led by Lynn Krominga, director and chair of the corporate governance committee.
“Throughout all of my years with Avis Budget Group, I have been continuously inspired by the talent, performance and dedication of my colleagues across the globe and their steadfast commitment to the Company’s mission of delivering excellent service and innovative solutions for our customers,” De Shon said. “I appreciate the support of the Board, my management team, and our employees during my time as CEO, and I am confident Avis Budget Group is well positioned to continue building on its momentum and driving growth for years to come.”