Avis Budget Group inks Ferraro as new CEO

Avis Budget Group Inc. announced on Monday its board of directors has named Joe Ferraro to CEO, effective immediately.

Ferraro, who’s been serving as interim CEO since the start of 2020, most recently spent five years as president of the Americas division, responsible for the Avis, Budget, Payless and Zipcar brands in North and South America.

“I’m honored to serve as the CEO of Avis Budget Group, a company where I have spent most of my career, and I deeply appreciate the trust the Board and my colleagues have placed in me,” Ferraro said. “Over the past few months, our ability to act quickly to reposition the business for success is a testament to the outstanding work and dedication of all our employees. I am confident we have the team and tools to provide our customers with innovative, safe and quality service as the travel industry begins to reopen.”

The Parsippany-based provider of mobility solutions also announced that Bernardo Hees, who’s been the independent chairman of the board, has been named executive chairman. Hees will partner with Ferraro and the rest of the management team on strategy, finance and digital mobility.

“The board of directors is pleased to appoint Joe as our new chief executive officer. As interim CEO, Joe has demonstrated an unparalleled ability to lead the organization and inspire his colleagues in the face of unprecedented challenges to our business. Joe’s collaborative leadership style and decisive strategic actions, including right-sizing our business to meet current demand, strengthening our balance sheet, and inspiring our team, have enabled Avis Budget Group to confront the challenges of the COVID-19 pandemic while continuing to innovate and serve our customers. I look forward to continuing to partner with Joe to position the company for long-term performance,” Hees said.