SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 13, 1998
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AVIS RENT A CAR, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE 1-13315 11-3347585
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(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
900 Old Country Road
Garden City, New York 11530
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (516) 222-3000
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Not Applicable
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(Former name or former address, if changed since last report)
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ITEM 1. CHANGES IN CONTROL OF REGISTRANT.
Not applicable
ITEM 2. ACQUISITION OR DISPOSITION 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 May 8, 1998 Cendant Corporation ("Cendant") announced that John H. Carley,
Executive Vice President and General Counsel of the Registrant, will assume the
office of Senior Vice President, Legal and Regulatory Affairs of Cendant
effective June 1, 1998. Cendant, through its wholly-owned subsidiary, Cendant
Car Rental, Inc., the franchisor of the Avis System, owns 20.9% of the
Registrant's Common Stock. Mr. Carley will resign from his current offices of
the Registrant effective with the close of business on May 31, 1998.
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 Cendant Corporation filed as an Exhibit
hereto, which information is incorporated herein by reference.
ITEM 8. CHANGE IN FISCAL YEAR.
Not applicable
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ITEM 9. SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S.
Not applicable
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: May 13, 1998 By: /s/ Kevin M. Sheehan
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Kevin M. Sheehan
Executive Vice President and
Chief Financial Officer
(Principal financial officer)
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Exhibit Index
News Release of Cendant Corporation dated May 8, 1998.
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CENDANT NAMES JOHN H. CARLEY SENIOR VICE PRESIDENT,
LEGAL AND REGULATORY AFFAIRS
Stamford, CT and Parsippany, NJ, May 8, 1998 - Cendant Corporation (NYSE:
CD) today announced it has named John H. Carley to the newly created position of
Senior Vice President, Legal and Regulatory Affairs. Mr. Carley will have
responsibility for Cendant's relationship with all regulatory authorities
relating to its businesses, including the several state insurance departments
following Cendant's acquisitions of American Bankers Insurance Group and
Providian Home and Auto Insurance, and assist in litigation matters. The
appointment will be effective on June 1, 1998.
For the past year and a half, Mr. Carley has served as Executive Vice
President and General Counsel of Avis Rent A Car. Prior to joining Avis, Mr.
Carley served as Deputy Attorney General for Public Advocacy for New York State.
In that position he was responsible for all affirmative and statutory litigation
on behalf of the State, including investor protection and securities, consumer
protection and civil rights.
His previous positions include General Counsel to the Reagan
Administration's Office of Management and Budget, and General Counsel to the
Federal Trade Commission. Mr. Carley was also a partner for several years at the
New York City law firm of Donovan, Leisure, Newton & Irvine.
In his new position, Mr. Carley will report directly to James E. Buckman,
Senior Executive Vice President and General Counsel of Cendant. Mr. Buckman
said: "Jack Carley has done an incredible job at Avis Rent A Car in the year and
a half he has been there. He has overseen the successful disposition of some
high profile litigation we inherited when we acquired Avis, as well as the
transition of Avis Rent A Car to a public company. With our expansion into the
highly regulated insurance business, we are fortunate that we are able to
attract a person of Jack's quality and experience to oversee our relationships
with all of the various regulatory bodies with whom we will soon be
interfacing."
Carley holds a B.A. from Rutgers University and an LL.B. from Yale Law
School.
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Cendant (NYSE: CD) is the world's premier provider of consumer and
business services. Cendant operates in three principal segments: Alliance
Marketing, Travel and Real Estate Services. In Alliance Marketing, Cendant
provides access to travel, shopping, auto, dining, and other services worldwide.
In Travel Services, Cendant is the leading franchisor of hotels and rental car
agencies worldwide, the premier provider of vacation exchange services, a
leading fleet management company through PHH, and the U.K.'s largest private car
park operator through NPC. In Real Estate Services, Cendant is the world's
premier franchisor of residential real estate brokerage offices, a major
provider of mortgage services to consumers and a global leader in corporate
employee relocation. Headquartered in Stamford, CT and Parsippany, NJ, the
company has nearly 40,000 employees, operates in over 100 countries and makes
more than 100 million customer contacts annually.
Contacts:
Investors Media
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Laura P. Hamilton Elliot Bloom
SVP Corporate Communications VP Public Relations
and Investor Relations (973) 496-8414
(203) 965-5114
