Avis Budget Group names interim chief as CEO departs

Avis Budget Group Inc. has named an interim CEO, effective Jan. 1, after the year-end departure of Larry De Shon, the company’s current CEO and president.

The Parsippany-based car rental company’s board of directors named Joe Ferraro, president, Americas, as the interim chief, with Izzy Martins, the chief financial officer, serving as president.

“During his 40 years at Avis Budget Group, Joe Ferraro has proven that he is a strong and dynamic leader, and we are pleased to name him our interim CEO,” Chairman Leonard S. Coleman said in a prepared statement. “As president of the Americas division for the last five years, Joe has driven operational excellence across our business in the Americas. 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.”

In his 40 years with the company, Ferraro has served in leadership roles including as senior vice president of operations for North America, as well as the Americas president role. Meanwhile, Martins has been with the company for 15 years in multiple senior strategic and financial roles, Avis Budget Group said.

“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.”

The CEO Search Committee, led by Director Lynn Krominga, the chair of the board’s Corporate Governance Committee, is conducting a search for a permanent CEO.