- Signs for push-out forces
- After almost eleven years on the job
- Laud, praise, thanks and good wishes for Wyshner
- Martyn Smith taking over in the interim
- Search for a successor
- Wyshner said 60 words
(exechange) — Parsippany, New Jersey, May 12, 2017 — David Wyshner, finance chief of Avis, leaves. As announced by Avis Budget Group, Inc. in a news release on Friday, May 12, 2017, David B. Wyshner leaves the post as Chief Financial Officer at the provider of vehicle rental services in a surprising move after almost eleven years on the job.
It is the end of an era.
Wyshner’s move comes 16 months after Larry D. De Shon took over as CEO of Avis Budget Group, Inc.
The exact date of Wyshner’s departure was not specified in the announcement. Obviously, it was an abrupt change.
Avis will undertake a search for a successor.
Wyshner’s duties are taken over in the interim by Martyn Smith, currently finance director of the EMEA subsidiary at Avis Budget Group, Inc.
“To pursue other opportunities”
The management change is explained as follows. Avis said: “Mr. Wyshner, who has served as the Company’s chief financial officer since 2006 and its president since January 2016, will leave the Company in June to pursue other opportunities.”
The phrase “to pursue other opportunities” is often used in corporate announcements and opens the door to speculation.
Precise information about the future plans of Wyshner was not immediately available.
Avis said: “Avis Budget Group, Inc. … today announced the resignation of David B. Wyshner, President and Chief Financial Officer.”
Share price decline
The change follows a decline in the share price of Avis Budget Group, Inc. since December 2014.
SRS holds 9.67 percent stake
SRS Investment Management, LLC reported a 9.67 percent stake in Avis Budget Group, Inc. as of December 30, 2016. SRS is a hedge fund.
Chaired by Ronald L. Nelson
Avis Budget Group, Inc. is chaired by Ronald L. Nelson.
Ronald L. Nelson is executive chairman of the board of Avis Budget Group.
CEO: Larry D. De Shon
Larry D. De Shon serves as CEO of Avis Budget Group, Inc. De Shon has been the Chief Executive Officer of Avis Budget since January 1, 2016 and has been its Chief Operating Officer since October 1, 2015.
On the job as CFO since 2006
David B. Wyshner has been the Chief Financial Officer of Avis Budget Group, Inc. since August 2006 and has been its President since January 1, 2016
In this role, he was responsible for all Company financial activities as well as the Company’s strategy, mergers & acquisitions, procurement and licensing functions.
Wyshner also oversaw key organization-wide initiatives focused on process improvement, consolidation of non-field activities and margin growth.
Prior to joining the Company, Wyshner was executive vice president and treasurer of Cendant Corporation, Avis Budget Group’s predecessor company.
Wyshner joined Cendant in 1999 and, before being appointed treasurer, served as Cendant’s executive vice president for finance, planning and development.
Prior to joining Cendant, Wyshner worked for eight years in Merrill Lynch & Co.’s investment banking division, specializing in corporate finance and mergers and acquisitions.
Wyshner received his bachelor’s degree magna cum laude from Yale University and his master’s degree in business administration from The Wharton School of the University of Pennsylvania, where he was a Palmer Scholar.
As a general rule, when a top leader announces to step down with no permanent successor available, it’s a signal that the change was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered David Wyshner’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 21.2017 ($).