Avis Budget’s CFO John North to step down after 18 months in the role

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Avis Budget Group Inc. said Thursday that Chief Financial Officer John North will step down from the position “to pursue other interests,” after 18 months in the role. The auto rental company’s stock fell 1.6% in premarket trading. Avis said current board member Brian Choi will assume the CFO role, effective Aug. 24, at which time Choi will resign from the board, and will no longer have any affiliation with SRS Investment Management, where he is currently a partner. Choi has been on Avis’s board since January 2016. Early in his career, Choi worked in the leveraged finance group at Lehman Brothers. “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,” said Chief Executive Joe Ferraro. “He will be a great asset as we continue to reshape our company for a post-pandemic world.” Avis’s stock has slipped 2.3% year to date through Wednesday, while the Dow Jones Transportation Average has gained 0.3% and the Dow Jones Industrial Average has eased 2.0%.
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