The firm announced that current CEO Roland Keppler will end his term of office as of 31st July 2014 by mutual agreement with the Board of Directors and shareholders of Europcar Group.

The firm said: ‘The Board of Directors thanks Mr Keppler for his commendable work in leading Europcar’s executive committee throughout the company’s transformation and the improvement in its profitability. The Board wishes him all the best for the future, both professionally and personally.’

It added that it is looking to recruit a new CEO, and will make an announcement in the near future. In the meantime, current chief financial officer Caroline Parot will assume the role of interim-CEO.

In addition, Pascal Bazin, a former prominent CEO within the car rental industry, has been appointed as an independent Board member.

At the same time, Europcar Group announced details of its refinancing plans, which will allow the group to benefit from current favourable market conditions and to reduce its fleet financing costs.

Europcar Chairman Jean-Charles Pauze said: ‘Europcar today is well positioned for the next phase of its development, with an experienced senior management team already in place and a strengthened Board of Directors. We are grateful to Roland for accomplishing his mission of assembling a strong team and designing the turn-around plan of Europcar. The plan has generated significant improvements in the profitability and further initiatives are being developed and implemented by the management team. We are close to finalizing the nomination of our new CEO and we look forward to the next phase of Europcar’s development with confidence.’