Avis Chairman & CEO Joseph V. Vittoria to retire as company prepares for public offering later this year.PARSIPPANY, N.J.--(BUSINESS WIRE)--Jan. 13, 1997--HFS Inc. (NYSE NYSE See: New York Stock Exchange : HFS) announced today that Joseph V. Vittoria, chairman and chief executive officer of its Avis Inc. subsidiary, will retire, effective Feb. 1. At the time of the acquisition of Avis by HFS in October 1996, Vittoria, 61, agreed to stay on to manage the transition from an employee-owned company to a subsidiary of HFS. HFS plans an initial public offering (IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ) of the Avis' rental car operating subsidiary during 1997. "I have decided that this is the right time for my retirement as I feel it is important for Avis, as it moves closer to its IPO, to have a chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. who will lead Avis over the longer term," said Vittoria. "The company is in great shape and is extremely well positioned for growth. Its association with HFS's diverse range of companies offers Avis enormous opportunities both as a brand and as a public company. I expect to be available on an as needed basis to counsel new management." Stephen P. Holmes, 40, HFS Vice Chairman, to whom Avis reports, will become interim CEO while the company conducts a search through the New York office of Heidrick & Struggles for Vittoria's replacement. "I would like to thank Joe for his service to Avis, both throughout the years prior to our acquisition of the company and during the transition period," said Henry R. Silverman, HFS chairman and CEO. "We are excited about the prospects for Avis and the rental car industry and look forward to a successful IPO later in the year." Joseph V. Vittoria joined Avis in 1964, left in 1976 and returned to lead the company in 1982. In 1987 he created the Avis Employee Stock Ownership Plans (ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). ). Vittoria serves on the board of directors of UAL Corp., as well as on the board of Transmedia Europe and Asia Inc. He is also an Advisory Director of the National Crime Prevention Council, a member of the board of Overseers of Columbia Business School Columbia Business School (part of Columbia University), officially named the Columbia University Graduate School of Business, and also known as CBS, was established in 1916 to provide business training and professional preparation for undergraduate and graduate , a member of the board of Visitors of the Georgetown University School of Language and Linguistics, a member of the board of Governors of the National Center for Disability Services, a member of the board of Directors of The Moorings, and a member of the board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. of the South Street Seaport The South Street Seaport is a historic area in the New York City borough of Manhattan, located where Fulton Street meets the East River, and adjacent to the Financial District. The Seaport is usually considered a historical district, distinct from the neighboring Financial District. Museum. CONTACT: HFS Inc., Parsippany Jane Baxter Lynn, 201/952-8414 |
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