The decision to name a new chairman came after Capo stated his intentions to leave Dollar Thrifty after the 2011 annual meeting of stockholders. The reasons behind the decision were not made public by the rental company.
"Tom has been a mainstay of the Board. His deep knowledge of the Company and the automotive industry has made him an invaluable member of the Dollar Thrifty team, particularly as we faced the significant challenges of recent years," Scott L. Thompson, Dollar CEO said in a statement.
"We thank him for his contribution to our success, and we look forward to his continued association with Dollar Thrifty until his retirement in 2011."
The new chairman has been named director of Dollar Thrifty in February 2006 and also served as chief financial officer, treasurer and director of Charter One Financial, financial institution in Cleveland.
“Rick brings a wealth of experience and perspective to the Board, and we are confident that the Company will continue to thrive under his leadership," added Thompson.
Dollar Thrifty has been this year at the center of the fight between car rental companies Hertz's and Avis Budget. The two rivals are fighting over the assets of a company which, if under their control, would bring them a huge share of the car rental market in the US.
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