Avis Budget Group Announces Chief Financial Officer Transition
August 13 2020 - 8:00AM
Avis Budget Group, Inc.
(NASDAQ:
CAR) today announced that John F. North III will
transition from Chief Financial Officer to pursue other interests.
Brian Choi will assume the role of Chief Financial Officer on
August 24, 2020. As part of the transition, Mr. Choi will resign
from the Avis Budget Group Board of Directors and will also no
longer have any affiliation with SRS Investment Management. Mr.
North will remain with Avis Budget Group as an advisor through the
end of the year to help facilitate a smooth transition.
Joe Ferraro, Chief Executive Officer of Avis Budget Group, said,
“I want to thank John for his leadership and dedicated service to
Avis Budget. John has been a tremendous asset to the Company,
particularly in recent months, when he has played a key role in
delivering on the operational and financial strategies critical in
helping navigate the Company through the most challenged time in
its history. We are pleased that we will continue to benefit from
John’s insights and expertise in his new role as an advisor and
wish him well in his future endeavors.” “It has been an intense,
yet gratifying experience for me at Avis Budget Group, and I am
proud of what we have accomplished amid unprecedented challenges,”
said Mr. North. “As we work through the transition, I am confident
the Company is well positioned and financially structured to emerge
from the pandemic on solid footing. I look forward to working with
Joe, Brian and the rest of the management team as we continue to
build on our momentum.”
Mr. Choi is a highly experienced finance executive with deep
analytical, business development and financial acumen in the car
rental business. He has served on the Avis Budget Group Board of
Directors since January 2016 and as a partner at SRS Investment
Management, LLC since 2008. Earlier in his career, he worked in the
Leveraged Finance Group at Lehman Brothers.
Mr. Ferraro continued, “We are delighted to have Brian join our
senior management team. He brings intimate familiarity with our
organization and strategy as a member of our Board, and I am
confident his deep financial management experience will serve us
well. He will be a great asset as we continue to reshape our
Company for a post-pandemic world.”
With Mr. Choi’s resignation, the Avis Budget Board will be
reduced from seven to six members and the cooperation agreement
with SRS Management has been amended accordingly.
About Avis Budget GroupAvis
Budget Group, Inc. is a leading global provider of mobility
solutions, both through its Avis and Budget brands, which have more
than 11,000 rental locations in approximately 180 countries around
the world, and through its Zipcar brand, which is the world’s
leading car sharing network, with more than one million members.
Avis Budget Group operates most of its car rental offices in North
America, Europe and Australasia directly, and operates primarily
through licensees in other parts of the world. Avis Budget Group is
headquartered in Parsippany, N.J.
Forward-Looking
StatementsCertain statements in this press
release constitute “forward-looking statements.” Any statements
that refer to outlook, expectations or other characterizations of
future events, circumstances or results, including all statements
related to our future results, the impact of the coronavirus and
the timing of and extent to which the travel industry will reopen,
are forward-looking statements. Various risks that could cause
future results to differ from those expressed by the
forward-looking statements included in this press release include,
but are not limited to, the severity and duration of the COVID-19
outbreak and related travel restrictions, the ability or desire of
people to travel due to travel restrictions and stay-at-home and
other similar orders, the possibility of future waves of
coronavirus infections and the other factors described in the “Risk
Factors” and “Forward-Looking Statements” sections of Avis Budget
Group’s Annual Report on Form 10-K for the year ended December 31,
2019 and Quarterly Report on Form 10-Q for the three months ended
June 30, 2020. Accordingly, actual results, levels of activity,
performance, achievements and events could differ materially from
those stated, anticipated or implied by such forward-looking
statements. The Company undertakes no obligation to publicly update
any forward-looking statements to reflect subsequent events or
circumstances.
ContactsInvestor Contact:David
CalabriaIR@avisbudget.com
Media Contact:Sard Verbinnen & Co.David Millar/Tori
Goodell(212) 687-8080
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