Avis Europe Plc Board Changes and Trading Update.BRACKNELL Bracknell (brăk`nəl), city (1991 pop. 52,257), Bracknell Forest, S England. Bracknell was designated one of the new towns in 1949, in order to alleviate overpopulation in London. , Berkshire--(BUSINESS WIRE)--December 8, 1998--Avis Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). plc, the leading car rental company in Europe, Africa, the Middle East and Asia, today announced a number of Board appointments to be phased over the next few months, designed to reposition responsibilities and ensure effective executive succession and management continuity for the Group. 1. Alun ALUN Assign Logical Unit Number ALUN Arithmetic and Logic Unit Cathcart to become non-Executive Chairman from April 1, 1999. Alun Cathcart, Chairman and Chief Executive of Avis Europe will hand over his executive responsibilities to Mark McCafferty effective March 31, 1999. Alun will continue to play an active role within the Company in his new capacity as non-Executive Chairman, providing continuity and stability to the ongoing success of the Group. In addition to his role as Chairman he will lead the newly formed Strategic Committee of the Board. His decision follows 18 highly successful years, 16 as Chief Executive, during which he has built and sustained Avis Europe's reputation as the most successful international car rental company. Alun joined Avis in 1980, following 14 years of executive appointments in the transportation industry. He has led the Group since 1983, uniquely taking the Company through two successful flotations in 1986 and again in 1997. Under his leadership the Company has developed a highly successful organization with an experienced and in depth management team and a well established business philosophy, yielding sustained market leadership and profitability. Alun currently holds a number of appointments in addition to his Avis responsibilities. He is non-Executive Chairman of Selfridges plc, non-Executive Deputy Chairman of National Express Group plc and non-Executive Director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. of Avis Rent A Car Inc in the USA. 2. Mark McCafferty appointed Chief Executive January 1, 1999. From January 1, 1999 Mark McCafferty, Group Managing Director will become Chief Executive of Avis Europe plc and Alun Cathcart will become Executive Chairman. This provides a three month transitional period until Mark assumes full executive responsibility when Alun Cathcart moves to non-Executive Chairman. Mark joined the Avis Group in May 1998 following 11 successful years with the Thomas Cook Group Thomas Cook Group plc is a travel company created on 19 June 2007 by the merger of Thomas Cook AG and MyTravel Group plc. At flotation on the London Stock Exchange 52% of the shares in the new company were held by the German mail order and department store corporation , latterly as Managing Director, Worldwide Travel Related Businesses. Prior to joining Thomas Cook For the company, see Thomas Cook AG. Thomas Cook (22 November 1808 – 18 July 1892) of Melbourne, Derbyshire, founded the travel agency that is now Thomas Cook AG. He was brought up as a strict Baptist and joined his local Temperance Society. he spent six years in international banking with the Midland Bank. His appointment, which followed an extensive review of the Group's organizational needs post flotation flotation or froth flotation Most widely used process for extracting many minerals from their ores. The method separates and concentrates ores by altering their surfaces so that they are either repelled or attracted by water. , was designed to strengthen the general management capability of Avis Europe and prepare effective succession for the Chief Executive position. Alun Cathcart said: "It has been a privilege to lead Avis Europe and the last 16 years have been the most stimulating and successful period in my career. Following our successful flotation in 1997 I believe this is now an appropriate time for me to hand over to a new person and I am delighted to announce Mark's appointment. His skills and experience have already complemented the strengths of the existing management team and I look forward to continuing to work with him and the Avis Board in furthering the success of Avis Europe." 3. David Maloney David Maloney (December 14 1933—18 July 2006) was a British television director and producer. He is best known for his work on various science-fiction series, directing several Doctor Who serials between 1968 and 1977. appointed Corporate Development Director. David Maloney has resigned his position as Group Finance Director effective from today. He plans to leave the Company by September 30, 1999 but we are pleased that he has agreed, in the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , to remain a member of the Board as Corporate Development Director. In this capacity he will continue to progress a number of strategic initiatives in which he has been involved as Group Finance Director. David's decision was made following full discussion with the Company and follows eleven years service with the Group, including five highly successful years as Group Finance Director and three as Managing Director of the Group's Spanish Spanish, river, c.150 mi (240 km) long, issuing from Spanish Lake, S Ont., Canada, NW of Sudbury, and flowing generally S through Biskotasi and Agnew lakes to Lake Huron opposite Manitoulin island. There are several hydroelectric stations on the river. business. 4. Chris Cowan appointed Group Finance Director. Avis Europe plc is pleased to announce the appointment of Chris Cowan as Group Finance Director. He will join the Board of Avis Europe plc and stand for re-election at the next AGM AGM annual general meeting AGM n abbr (= annual general meeting) → AG f AGM n abbr (= annual general meeting) → JHV f . Chris has recently returned to the UK after 5 years in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. where he was Finance Director of Jardine Matheson Holdings — Jardine Matheson Holdings Limited (Traditional Chinese: 怡和控股有限公司) SGX: J36, LSE: JAR, often called Jardines or Jardine's . He had financial management responsibility throughout the Asia Pacific region and extensive contact with investors both in Hong Kong and London. Chris was previously a partner with Price Waterhouse, for 10 years. His earlier career was with the EMI (ElectroMagnetic Interference) An electrical disturbance in a system due to natural phenomena, low-frequency waves from electromechanical devices or high-frequency waves (RFI) from chips and other electronic devices. Allowable limits are governed by the FCC. Group of companies where he held a number of financial appointments. Alun Cathcart said: "We are very sorry to lose David as Group Finance Director but completely understand his reasons for wishing to pursue his career in other directions. David is David I, king of Scotland David I, 1084–1153, king of Scotland (1124–53), youngest son of Malcolm III and St. Margaret of Scotland. During the reign of his brother Alexander I, whom he succeeded, David was earl of Cumbria, ruling S of the Clyde an ambitious executive and no doubt will continue to be successful in his future career. He has had a very successful career with the Company and we are delighted that he has agreed to remain with Avis for a period of time to progress a number of key strategic opportunities for the Group. "David has been very open in his discussions with us and has co-operated fully in ensuring that we have top level financial management continuity and succession. We are therefore pleased to have secured Chris Cowan as Group Finance Director. His international experience, financial track record and City involvement make him well suited to the Company's needs." 5. Trading Update Following the announcement of the Group's interim results in September, trading remains in line with expectations with strong revenue performance and continued growth throughout continental Europe. In the UK, which accounts for 20% of Avis Europe's business, revenue remains ahead of prior year's levels, with a further slow down in volume growth since September offset by price increases and revenues from new rental products. Avis Europe remains fully confident about full year prospects. Avis Europe plc rents cars under the Avis brand name to customers in 110 countries. Avis Europe's ordinary shares trade on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Prices may be accessed on Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. under the symbol AVE LN and Reuter Equities 3000 Service under AVE.L. Additional information is available on Avis Europe's internet site: www.avis-europe.com. |
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