Avis Budget Group Announces Management Changes and Combination of Operating Regions

Avis Budget Group, Inc.

announced today that it plans to combine its three operating regions into two, the Americas and International. This realignment of the Company's operations will take effect on January 1, 2015, in connection with the following management changes: Patric Siniscalchi, president, Latin America/Asia-Pacific, will retire from his current position effective December 31, 2014, following an exemplary 43-year career at the Company. Mr. Siniscalchi is expected to continue to be involved with the Company's joint ventures in China and Brazil through a consulting arrangement and to assist with the transition. Thomas Gartland, president, North America, will retire from his current position effective December 31, 2014, after an impactful six-year career with the Company. Mr. Gartland is expected to stay on with the Company in a consulting capacity to assist with the transition. Joseph Ferraro, Senior Vice President, North America Operations, will assume the role of president, Americas, effective January 1, 2015. In this role, he will have responsibility for the Company's operations in North and South America, including Latin America and the Caribbean. Mr. Ferraro has held positions of increasing responsibility in our North America operations since joining Avis in 1979. "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," said Ronald L. Nelson, chairman and chief executive officer, Avis Budget Group. "Joe's extensive experience in our North America field operations and his outstanding work as the 'right-hand man' to Tom over the past several years make him the ideal person to assume Tom's responsibilities. Our ability to promote from within the Company is reflective of a deep leadership bench, a strong succession planning process and a culture that values service and performance." Larry De Shon, currently president, Europe, Middle East and Africa (EMEA), will assume responsibility for the Company's Asia-Pacific operations, and will assume the title of president, International effective January 1, 2015. Mr. Ferraro will continue to be based in Avis Budget Group's World Headquarters in Parsippany, N.J. and will report directly to Mr. Nelson.