Fleet News

EuroDollar chief executive leaves as Republic Industries take over

THE final stages of Republic Industries' acquisition of EuroDollar have seen Ian Mosley, chief executive of EuroDollar, leave the company. Mosley urged EuroDollar shareholders to accept Republic's £95.1 million bid for the company in August, at which time the entire EuroDollar management team was expected to remain in place.

But Fleet NewsNet now understands that Mosley's position will cease to exist in Republic's plans, with Geoff Corbett, heading up Republic Industries' car rental division across Europe. John Leigh, managing director of EuroDollar, and Frank Armstrong, president of Alamo Europe, will both take on key new roles within Republic's organisation. Leigh will become managing director of Republic's rental operations in the UK, covering both Alamo and EuroDollar; and Armstrong will head Republic's rental operations on the continent.

Mosley joined Swan National, then both a leasing and rental business, in the early 1970s, eventually heading the leasing business. He was later appointed chief executive of Swan National, and when TSB sold Swan National to Forward Trust in 1993, Mosley led the management buyout of the rental business EuroDollar as chief executive.

In a further development, EuroDollar is expected to announce that it will change its name to National Car Rental as of February 1, 1998.

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