PARSIPPANY, N.J. -

Avis Budget Group announced upcoming executive shifts within the company, including a new addition to the company’s board of directors and a succession plan for the role of chief executive officer.

Effective Oct. 1, Larry D. De Shon, will become Avis Budget's president and chief operating officer as well as become an official member of the company’s board. In addition, De Shon will assume the role of chief executive officer effective Jan. 1, succeeding Ronald Nelson, who has maintained the CEO role since 2006.

Nelson will stay on as executive chairman after stepping down from the role of CEO. De Shon has held his current position, president, international, since Jan. 1 of this year, where he’s been responsible for overseeing all of the company’s brands in the international region. He joined the company in 2006 and has previously overseen Avis Budget’s Europe, Middle East and Africa (EMEA) and U.S. operations.

Following De Shon taking the reins as CEO at the start of 2016, David B. Wyshner, currently the company’s senior executive vice president and chief financial officer, will assume the role of president. He will assume global responsibility for the company’s strategy, licensing and integration of the demand/fleet/pricing system, in addition to his current responsibilities as CFO.

"Larry and David have an extremely strong track record of producing results and are eminently qualified for their new positions,” Nelson said. “We have worked diligently with the Board over the past several years to successfully develop and prepare them for their new roles. The Board and I are confident that these two executives will seamlessly transition into their new responsibilities and, together with Mark and Joe, continue to drive our strategy forward into the future.”

Mark Servodidio, currently the managing director, Europe, has been promoted and will assume De Shon’s current role of president, international while Joseph Ferraro will continue to lead the company’s Americas region as president, Americas.

"The opportunity to lead Avis Budget Group is a tremendous honor,” De Shon said. “I look forward to continue working with David and the entire senior leadership team to engage our exceptional employees and produce results for all stakeholders.”

For more information about Avis Budget Group, visit its site here.