In an interview with CNBC, Avis Budget Group’s CEO Joe Ferraro was asked about how the company transitioned into the coronavirus environment and how the Hertz bankruptcy might affect Avis.
After a stint as interim CEO, Ferraro spent five years as president of the Americas division, responsible for the company’s Avis, Budget, Payless, and Zipcar brands in North and South America, including Latin America and the Caribbean.
The company has laid off or furloughed 21,000 employees as a result of the coronavirus pandemic. April revenue is trending down 80% from the prior year. Similar trends are expected in May, but the company “expects a gradual recovery thereafter.”
Essential workers include medical personnel, public safety workers, and others with government documents.
Avis reduced the size of its global fleet beginning in March and continuing in April, and currently estimate that it will end June with over 20% fewer units than the prior year.
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.
A fully connected fleet increases operational efficiency for Avis Budget Group by providing greater visibility into fleet usage and access to information in real-time.
The awards are voted for by travel and tourism professionals and consumers worldwide, and this honor recognizes the brands’ commitment to excellence, with an ultimate industry accolade.
The Avis, Budget, and Payless Travel Assistants offers business and leisure customers an enhanced digital experience with features like a mobile hotspot, unlimited talk and text, and access to top apps for streaming media and gaming.
The WINiT Awards recognize the women, men, and companies who are committed to supporting the professional development and advancement of women.