- Push-out Score determined
- After less than three and a half years in the position
- Praise and thanks for De Shon
- Search for a successor
- De Shon said 85 words
(exechange) — Parsippany, New Jersey, May 28, 2019 — This news came the day after Memorial Day. Larry De Shon, chief executive of Avis Budget, leaves. As announced by Avis Budget Group Inc. in a news release on Tuesday, May 28, 2019, Larry D. De Shon leaves his post as Chief Executive Officer at the car rental company after less than three and a half years in the role.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.8 years, according to data compiled by exechange.
De Shon will remain in his current positions until his successor has been named and will continue to be employed by the Company until the end of the year to ensure a smooth transition.
Avis Budget will undertake a search for a successor.
No reason given
In the announcement, Avis Budget did not explicitly explain the reason for Larry De Shon’s move.
Precise information regarding Larry De Shon’s future plans was not immediately available.
Avis Budget said: “Avis Budget Group, Inc. … today announced the planned departure of President and Chief Executive Officer Larry De Shon after a 13-year career with the Company.”
Share price decline
The announcement follows a decline in Avis Budget Group, Inc.’s share price of 30 percent since June 2018.
Chaired by Leonard S. Coleman
Avis Budget Group, Inc. is chaired by Leonard S. Coleman.
Leonard Coleman was a Director of Cendant Corporation from December 1997-2006 and Presiding Director at executive sessions of the Cendant Board since February 2003.
In the position of CEO since 2016
De Shon has been a director since October 2015.
De Shon has served as Chief Executive Officer and Chief Operating Officer of Avis Budget Group, Inc. since January 2016, and assumed the title of President in June 2017.
Previously, De Shon held the title of President and Chief Operating Officer from October 2015 through December 2015, President, International from January 2015 until October 2015, President, Europe, Middle East and Africa (“EMEA”) from October 2011 until January 2015, and Executive Vice President, Operations from October 2006 to October 2011.
Prior to joining the Company, De Shon spent 28 years at United Airlines, starting as a customer service representative and advancing to hold a number of positions of increasing responsibility during his tenure, including Senior Vice President positions in marketing, on-board service and global airport operations.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Avis Budget and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2019 ($).