North Steps Down as Avis CFO

Avis Budget Group Inc. today announced that John F. North III will transition from his role as chief financial officer to pursue other interests. North served in the position since February 2019. Brian Choi will assume the role of chief financial officer on August 24.

As part of the transition, Choi will resign from the Avis Budget Group board of directors and will also no longer have any affiliation with SRS Investment Management. North will remain with Avis Budget Group as an advisor through the end of the year to facilitate the 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.”

“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 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.”

Choi 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. 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.” With 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.