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Avis Budget Appoints Joe Ferraro as Interim Chief Executive

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Avis Budget Group, Inc. (CAR - Free Report) recently appointed its Americas president Joe Ferraro, to the Position of interim CEO. Izzy Martins, CFO of Americas, became interim president, Americas.

Ferraro has been with Avis Budget for 40 years during which he held several positions of growing responsibility. As president, Americas, Ferraro was responsible for the company’s Avis, Budget, Zipcar and Payless brands in North and South America, including the Caribbean and the Latin America.

Ferraro previously served as senior vice president of operations, North America, overseeing Avis and Budget car and truck rental operations in the United States and Canada, including local market and airport locations.

Ferraro succeeds Larry De Shon whose planned departure as announced by the company in May. The search committee that was formed at that time will continue to search for a permanent replacement while Ferraro serves on an interim basis.

Leonard S. Coleman, chairman of the board, stated “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.”

Avis Budget shares have gained a massive 42% over the past year, significantly outperforming the 13.6% rally of the industry it belongs to.


Zacks Rank & Stocks to Consider

Currently, Avis Budget carries a Zacks Rank #5 (Strong Sell).

Some other-ranked stocks in the broader Zacks Business Services sector are Advanced Disposal Services , The Western Union Company (WU - Free Report) and Fidelity National Information Services (FIS - Free Report) . While Advanced Disposal sports a Zacks Rank #1 (Strong Buy), Western Union and Fidelity carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Long-term expected EPS (three to five years) growth rate for Advanced Disposal, Western Union and Fidelity is 10%, 12.3% and 8.9%, respectively.

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