Avis Budget Group has entered into a new cooperation agreement with SRS Investment Management (SRS), the company's largest shareholder.
The terms of the new approximately two-year cooperation agreement include the appointment of Jagdeep Pahwa, a current board member and president of SRS, as vice chairman of the board. The company’s slate for election at the 2020 annual meeting of shareholders will include the addition of Karthik Sarma, managing partner of SRS, and current board members Bernardo Hees, Pahwa, Carl Sparks, Glenn Lurie, Brian Choi, and Lynn Krominga.
Six current directors are not standing for re-election at the 2020 annual meeting, temporarily reducing the size of the board to seven directors. The board will identify an additional independent director within 90 days of the 2020 annual meeting, and once a permanent CEO is named, he or she will also join the board, resulting in a nine-person board.
The complete agreement between Avis Budget Group and SRS will be included in a form 8-K to be filed with the Securities and Exchange Commission.