Car rental giant Dollar Thrifty has confirmed it will appoint Richard Neu as its new chairman with immediate effect.

Mr Neu will replace Thomas Capo, who confirmed he would step down from the board of the organisation next year after 20 years of association with Dollar Thrifty.

“Tom has been a mainstay of the board,” said Dollar Thrifty chief executive and president Scott Thompson.

“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.”

“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.”

Mr Neu will Board at the 2011 annual meeting of stockholders.

Mr Neu has been a director of the company since February 2006 and most recently served as chief financial officer, treasurer and director of Charter One Financial, a publicly held financial institution in Cleveland, Ohio.

Thompson continued: “We are also very pleased that Rick Neu has agreed to assume the chairmanship. 

“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.”

Dollar and Thrifty have approximately 300 corporate locations in the United States and Canada, with approximately 6,000 employees located mainly in North America.