Sotir Assumes Expanded Responsibilities as COO for Budget
3 May 2000
Sotir Assumes Expanded Responsibilities as Chief Operating Officer for Budget Group, Inc.
Board Changes Announced
LISLE, Ill., May 3 Budget Group, Inc. (NYSE: BD), which
owns Budget Rent a Car Corporation and Ryder TRS, announced today that Mark
Sotir, Budget Group's president, North American Vehicle Rental Operations, has
been appointed president and chief operating officer, reporting to Chairman
and Chief Executive Officer Sandy Miller. David Siegel, who previously held
the position of president and chief operating officer, has left the Company,
effective today.
Miller noted, "We are impressed with Mark's leadership in our North
American rental operations and are confident in his ability to drive further
improvements in our core car and truck rental business in his newly expanded
role." Miller further commented, "David made a number of contributions during
his tenure, and we wish him success in his future endeavors."
Sotir, who joined Budget Group in 1995, currently oversees car and truck
rental operations in North America and has led the successful turnaround of
Budget Rent a Car. As chief operating officer for Budget Group, Sotir will
join the office of the chairman. This newly created organizational structure
has been formed to focus on the strategic, managerial and operational matters
of the Company. By third quarter, we expect to be operating only our core car
and truck rental business as we near the completion of our strategy to sell
non-core assets.
Budget Group also announced that Board member James Calvano will join the
Company in the office of the chairman. Among his responsibilities, Calvano
will work closely with Budget management, particularly in Europe, to set the
strategic direction, reduce costs, improve efficiencies and increase
profitability. Throughout his career, Calvano has had extensive travel and
financial services experience and previously held the positions of president
and chief executive officer of Avis, Inc., president of American Express
Travel Related Services, and chairman, CEO, MoneyGram Payment Systems.
Budget Group's vice chairman, Jeffrey Congdon, announced that he will
retire from the Company at the end of May. Congdon will continue to serve on
Budget Group's board of directors.
"We look forward to Jeff's continued role as a valued member of the board
and wish him all the best as he retires. Additionally, we welcome Jim Calvano
to his new role in the company and are confident that his management expertise
as well as his demonstrated abilities to run global public companies will help
us address the challenges in our international operations and capitalize on
the strategic opportunities. Overall, our core businesses are strong and
improving, and we expect to achieve the consensus earnings per share target
for the year," stated Miller.
The Company also announced that its board of directors has formed a
special committee, headed by board member Dr. Stephen Weber, to identify
outside candidates for the Company's Board of Directors.
Budget Group, Inc. owns Budget Rent a Car Corporation and Ryder TRS.
Budget is the world's third largest car and truck rental system and Ryder TRS
is the nation's second largest consumer truck rental company. For more
information, visit the Company's Web site at http://www.budgetgroup.com .
Statements made in this press release that are not historical in nature
may include "forward-looking statements" within the meaning of the federal
securities laws. It is important to note that these statements involve a
number of risks, uncertainties and other factors that could cause Budget
Group, Inc.'s actual results to differ materially from those projected in such
forward-looking statements. Additional information concerning such matters is
contained in the Company's Annual Report on Form 10-K for the year ended
December 31, 1999, and other documents subsequently filed by the Company with
the SEC, all of which are available from the SEC.