Avis Budget Group's board of directors has appointed Joe Ferraro, president of the Americas group, as interim CEO, effective Jan. 1. Ferraro’s appointment reflects the previously announced departure at year-end of Larry De Shon, president and CEO.

In connection with Ferraro’s role as interim CEO, Izzy Martins, chief financial officer of the Americas, will serve as interim president of the Americas. Martins has been with Avis Budget Group for 15 years in a number of senior strategic and financial roles.

Avis Budget Group’s CEO search committee, led by director Lynn Krominga, chair of the corporate governance committee of the board of directors, is conducting a thorough search process to identify a permanent CEO.