Avis Budget Group Inc. said Monday it has made interim Chief Executive Joe Ferraro its permanent CEO with immediate effect. Ferraro has been leading the company since the start of the year, coming to the role from his position as president of the Americas, where he spent five years managing the company's Avis, Budget, Payless and Zipcar brandfs in North and South America. The company also named independent chairman Bernardo Hees as executive chairman, where he will focus on strategy, finance and digital mobility initiatives in cooperation with Ferraro and the rest of the management team. Shares were down 8% premarket with futures indicating losses at the opening. The stock has lost 18% in the year to date, while the S&P 500 has fallen 6%.
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