Avis to Be Headed by Team Instead of CEO

Avis Rent a Car Inc., the No. 2 U.S. car-rental company, said it called off its search for a new chief executive and instead has created a management team to report to its board’s executive committee. The team will be made up of F. Robert Salerno, president and chief operating officer of the Rental Car Group; Kevin Sheehan, president of corporate and business affairs; and Mark Miller, president and chief operating officer of the Vehicle Management Services Group. The company said that in light of recent acquisitions that have made the Garden City, N.Y.-based company the largest U.S. operator of auto fleets for businesses, having three top managers instead of a single chief will “provide the strongest team for leadership, direction and execution of Avis’ goals.” Avis shares fell 81 cents to close at $25.56 on the NYSE.