ANC's Ramaekers to Retire, Plamondon Named CEO

FT. LAUDERDALE, Fla. -- ANC Rental Corp. announced that CEO and President Lawrence Ramaekers will retire at the end of this year. As a result, William Plamondon, who has acted as ANC's chief restructuring officer the past year, is now moving into the CEO role.

Through the end of 2002, the two men will work closely together to ensure a smooth transition, the company said, with Ramaekers acting as chief restructuring officer.

"ANC has laid the foundation for a successful reorganization," Ramaekers said. "Given how far ANC has progressed, this is probably the most appropriate time for me to resume my long-awaited retirement without disrupting the restructuring effort."

Plamondon credited Ramaekers for turning ANC's business around.

"Larry has set this business up for the future," Plamondon said. "Now our efforts must be focused on completing the restructuring and building a strong, profitable company. I am looking forward to working with our entire management team and our creditors in order to achieve these goals."

Plamondon also announced that the company's reorganization strategy includes exiting the insurance replacement market.

"This move will allow us to focus our energy and resources on our core airport business with our Alamo and National brands," Plamondon said.

Plamondon, 55, has been ANC's chief restructuring officer since October 2001. He first joined the company's board of directors in June 2000.

Plamondon founded R.I. Heller Company LLC, a management consulting firm, in April 1998. He served as the firm's president and CEO. He has also served as president and CEO of First Merchants Acceptance Corp., a national financing company, and as president of Budget Rent a Car. Plamondon worked at Budget Rent a Car from 1978 to 1997.

Ramaekers, 65, is a veteran corporate turnaround specialist who joined ANC out of retirement in October 2001. Soon after ANC's Chapter 11 filing in November 2001, the company appointed Ramaekers president and chief operating officer. In April 2002, he replaced Michael Egan as CEO.

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