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Just a few hours after its $500 million sale to Avis Budget Group became official, Zipcar‘s CEO has resigned.

Today, Scott Griffith (pictured, above) told employees that chief operating officer Mark Norman will assume the top job. The news was reported by Fortune and first announced by a series of tweets from Boston Globe columnist Scott Kirsner.

As we reported in January, when word got out about the acquisition, Zipcar has never been able to turn an annual profit, losing about $55 million since 2007.

The 12-year-old car-sharing network has more than 730,000 members and about 1 million customers.

In his farewell memo to employees, Griffith says that his work isn’t “completely done.” He writes:

After a thoughtful review of the company’s needs over the next several years, I’ve concluded it’s best if I step back and give someone else the opportunity to put the pedal down and take Zipcar to the next level. This is a bittersweet decision because I don’t feel like my work here is completely done.  

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