Zipcar CEO leaves the day after $500 million buyout deal with Avis closes
Zipcar’s CEO Scott Griffith announced his resignation today, the day after Avis completed its $500 million acquisition of the car-sharing service he joined in start-up mode back in 2003.
Fortune.com: It’s obviously not unusual for leadership changes after a merger, but it’s a bit odd that neither Avis nor ZipCar announced that such a move was coming (such as in yesterday’s press release). Instead, the news leaks out in a Friday afternoon memo. Not exactly a gallant send-off for someone who 10 years ago agreed to take over a tiny start-up, and helped it trail-blaze what is now commonly known as the “sharing economy.”
The letter from Griffith to employees, embedded below (via Fortune):