Avis Budget Board To Comprise Nine Directors, Incl. Three SRS Representatives

(RTTNews) - Avis Budget Group Inc. (CAR) said that it reached a new cooperation agreement with its largest shareholder SRS Investment Management LLC.

The new 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.

The company said six current directors will not stand for re-election at the 2020 Annual Meeting, and will temporarily reduce the size of the Board to seven directors.

The company noted that its board will identify an additional independent director within 90 days of the 2020 Annual Meeting, and once a permanent Chief Executive Officer is named, he or she will also join the Board, resulting in a nine-person Board.