June 4 (Bloomberg) -- Enterprise Holdings Inc. named Pamela M. Nicholson, the rental-car company’s president, its new chief executive officer, the first CEO to come from outside the founding Taylor family.
Nicholson will retain her president title and continue to oversee day-to-day operations of the company, which operates Alamo Rent A Car and National Car Rental, Enterprise said in a statement. She has been chief operating officer for 10 years and president for five, and at the company for 32 years, according to the statement.
Nicholson succeeds Andy Taylor, 65, who will hold the title of executive chairman, the company said. Enterprise was founded in 1957 by Jack Taylor, Andy’s father. Andy has been CEO since 1991. He entered the family business at 16 and joined the company full-time in 1973. He said in a January interview that it wasn’t certain a family member would be the next CEO.
The executive succession is taking place as St. Louis-based Enterprise moves to expand internationally to sustain growth. The company has moved into markets including China, Spain and France. Enterprise, which is closely held, is the largest rental-car company by sales.
Enterprise revenue rose from $78 million in 1980 to $6.5 billion in 2002 and $15.4 billion last year. Jack Taylor, 91, has an estimated net worth of $15.7 billion, according to the Bloomberg Billionaires Index.
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