Avis Budget Group, Inc. recently announced two new executive appointments marking a big change to its leadership team.

Starting January 1, 2024, Izzy Martins, serving as executive vice president of the Americas, will assume the role of EVP and chief financial officer, succeeding Brian Choi, who will take on the new position of EVP and chief transformation officer.

Martins has been with Avis Budget Group for nearly 20 years in various senior strategic and financial roles, including CFO, Americas, chief accounting officer, and most recently EVP of the Americas, where she obtained a wealth of operational expertise through her responsibilities for the region.

Choi’s appointment as EVP and chief transformation officer involves leveraging data, analytics, and cutting-edge technology to enhance the customer experience, revenue management, and overall operational performance. Choi has served as the company’s EVP and CFO since August 2020.

“Izzy’s deep financial acumen coupled with her operational expertise will ensure a seamless transition into the CFO role,” said Joe Ferraro, CEO of Avis Budget Groupx, in a news release. “She is a key strategic partner to me, the board, and the leadership team, and has been instrumental to our success over the years.

“Brian’s thought leadership in identifying strategies to position our business for growth and profitability has led to the creation of our transformation function. I asked Brian to lead these efforts as part of his evolving responsibilities.”

In addition, effective immediately following the 2024 annual meeting, Jagdeep Pahwa, currently Vice Chairman of the Board, will become Chairman replacing Bernardo Hees.

Hees will continue to be a member of the company’s Board of Directors.

Pahwa has been a director since April 2018 and Vice Chairman since 2020. Pahwa serves as President of SRS Investment Management. Hees has been a director since February 2020 and Executive Chairman since July 2020.

“I could not be more pleased with the company’s performance under the leadership of Ferraro and this board over the past four years,” Hees said. “The success achieved through our focused strategy, aligned organization structure, and excellence in execution makes this a natural time for me to transition from Executive Chairman to a member of the board. I have worked closely with Jagdeep and am confident that the company will continue its strong performance under his guidance.”