Avis Budget To Combine Operations Into Two Reporting Regions

(RTTNews) - US auto-rental chain Avis Budget Group, Inc. (CAR) announced Monday management changes, while also revealing plans to realign its operating regions in connection with the changes in management.

Parsippany, New Jersey-based Avis Budget said it intends to combine its three operating regions into two, the Americas and International. The realignment of the company's operations will take effect on January 1, 2015.

The company said Patric Siniscalchi, president, Latin America/Asia-Pacific, and Thomas Gartland, president, North America, will retire from their current positions effective December 31, 2014.

Siniscalchi, after a 43-year career with Avis, is expected to continue as a consultant for the company's joint ventures in China and Brazil, while Gartland expected to stay on with the Company as a consultant, with both of them assisting in with the transition.

Meanwhile, Joseph Ferraro, Senior Vice President, North America Operations, will assume the role of president, Americas and Larry De Shon, president, Europe, Middle East and Africa (EMEA), will take over as president, International, both effective January 1, 2015.

The company said Ferraro will have responsibility for its operations in North and South America, including Latin America and the Caribbean, while De Shon will be responsible for its Asia-Pacific operations.

"We thank Tom Gartland for his extraordinary contributions to the growth, culture and profitability of our Company. We also thank Pat Siniscalchi, who has played a critical role in the development and success of our business in Latin America and the Asia-Pacific region. Joe Ferraro brings proven leadership and a strong track record of strategic achievement and operational excellence," Chairman and CEO Ronald Nelson said in a statement.

In Monday's regular trading session, CAR is currently trading at $59.03, up $0.10 or 0.17% on a volume of 0.19 million shares.