Avis Budget Group, Inc. (NASDAQ:CAR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
that David B. Wyshner, President and Chief Financial Officer,
will resign from the Company, effective June 9, 2017. Martyn
Smith, 62, former Group Finance Director of Avis Europe plc, a
U.K. publicly traded company acquired by the Company in October
2011, is expected to assume the position of Chief Financial
Officer of the Company, on an interim basis, upon Mr. Wyshners
resignation. Mr. Smith has been with the Company since the Avis
Europe acquisition and held the role of Chief Financial Officer
of Avis Budget EMEA Ltd., the Companys principal international
subsidiary, until March 2015. From April 2015 through September
2016, Mr. Smith led the Companys human resources organization for
the Companys International region and in October 2016, became a
special advisor to the Company. Mr. Smith joined Avis Europe in
2002 as Group Finance Director and a member of the Board of
Directors. Larry D. De Shon, the Companys Chief Executive Officer
and Chief Operating Officer, will assume the position of
President, immediately following Mr. Wyshners resignation.
Chief Financial Officer, Mr. Smiths compensation is expected to
include an annual base salary of $575,000, a target annual
incentive of 80% of base salary, and certain short-term
relocation benefits in accordance with the Companys standard
policies. The terms of an Employment Agreement with Mr. Smith are
currently being finalized and will be included in a subsequent
Current Report on Form 8-K. In connection with Mr. Wyshners
departure from the Company, the Company expects to enter into a
Separation Agreement with Mr. Wyshner. The terms of the
Separation Agreement are currently being finalized and will be
included in a subsequent Current Report on Form 8-K.
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Item 7.01
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Regulation FD Disclosure
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announcing the management changes described above. A copy of the
press release is furnished herewith as Exhibit 99.1 and is
incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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99.1
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Press Release Dated May 12, 2017
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About Avis Budget Group, Inc. (NASDAQ:CAR)
Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia. It operates in two segments: Americas and International. The Americas segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates its car sharing business in certain of these markets. Avis Budget Group, Inc. (NASDAQ:CAR) Recent Trading Information
Avis Budget Group, Inc. (NASDAQ:CAR) closed its last trading session down -0.57 at 21.54 with 5,825,578 shares trading hands.
