SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTON 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 24, 1998
(Date of Report)
AVIS RENT A CAR, INC.
(Exact Name Of Registrant As Specified In Its Charter)
DELAWARE 1-13315 11-3347585
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
900 Old Country Road
Garden City, NY 11530
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (516)222-3000
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable
ITEM 2. ACQUISITON OR DISPOSTION OF ASSETS.
Not applicable
ITEM 3. BANKRUPTCY OR RECEIVERSHIP.
Not applicable
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Not applicable
ITEM 5. OTHER EVENTS.
On December 16, 1998, Avis Rent A Car, Inc. announced that R.
Craig Hoenshell, Chairman and Chief Executive Officer of the
Registrant, will step down from these offices effective
December 31, 1998 but will continue to be employed by the
Registrant in an advisory capacity. Mr. Hoenshell will also
remain a director of the Registrant. The Board of Directors of
the Registrant has named Martin L. Edelman, a current Board
member, the acting Chairman on an interim basis until a
successor is appointed by the Board.
ITEM 6. RESIGNATIONS OF REGISTRANT'S DIRECTORS.
Not applicable
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
Reference is made to the News Release of Avis Rent A Car, Inc.
filed as an Exhibit hereto, which information is incorporated
herein by reference.
ITEM 8. CHANGE IN FISCAL YEAR.
Not applicable
ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
Not applicable
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
AVIS RENT A CAR, INC.
(Registrant)
Date: December 24, 1998 By:
----------------------------
Kevin M. Sheehan
Executive Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
News Release of Avis Rent A Car, Inc. dated December 16, 1998.
<PAGE>
GARDEN CITY, N.Y., December 16, 1998 -- Avis Rent A Car, Inc. (NYSE: AVI) today
announced that R. Craig Hoenshell will step down as chairman and chief executive
officer of the company. He will remain an employee of Avis, serving the company
in an advisory capacity, and will remain on the Avis board of directors. The
Board has named Martin L. Edelman, an Avis Board member, to serve as Avis'
chairman on an interim basis. Mr. Edelman is of counsel at Battle Fowler LLP.
Mr. Hoenshell said, "At the time I came to Avis in March, 1997, the company
faced some serious challenges and I set certain goals. Today, I feel those goals
have been largely accomplished and so I am stepping down. We have successfully
led the company through its transition from an employee owned company to
publicly traded company and we have overseen five consecutive quarters in which
earnings exceeded Wall Street estimates. We have successfully instituted a
series of programs designed to strengthen Avis' workforce and the position of
the company in the marketplace. And we have successfully dealt with charges of
discrimination against the company. I look forward to continuing my relationship
with Avis, helping to guide the company through this transition period."
Mr. Edelman said, "We are grateful for Craig's contributions to Avis. A search
for Craig's successor is already underway. We are looking for a CEO who will
lead Avis to even greater success and realize the company's long-term potential.
Following a record 3rd quarter, Avis continues to show improved revenue and
earnings over the prior year. The 4th quarter results are anticipated to meet or
exceed the company's previous expectations."
Prior to joining Avis, Mr. Hoenshell, 54, was president of American Express
International and also served as president of American Express Travelers Cheques
and American Express Centurion Bank. Before American Express, he spent 7 years
as a principal and senior executive of First Data Resources, Inc., which
provides back office data processing services to financial institutions that
issue debit and credit cards. The company was sold to American Express in 1980.
Avis Rent A Car, Inc., with locations in the United States, Canada, Australia,
New Zealand, Argentina, Puerto Rico and the U.S. Virgin Islands is one of the
leading rental car companies in the world. Annually, the company completes
approximately 15 million rental transactions with a fleet averaging
approximately 200,000 vehicles, generating over $2.3 billion in total revenue.
Certain matters discussed in the news release that are not historical facts are
forward-looking statements that are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Forward- looking
statements involve risks and uncertainties including the impact of competitive
products and pricing, changing market conditions, the ability of the company and
its vendors to complete the necessary actions to achieve a Year 2000 conversion
for its computer systems and applications; and other risks which were detailed
from time to time in the company's publicly-filed documents, including its
annual report on Form 10-K for the period ended December 31, 1997. Actual
results may differ materially from those projected. These forward-looking
statements represent the company's judgment as of the date of this release.
Contacts:
Media
Tony Fuller
Media Relations
(516)222-4690
