Avis Budget Group announces CFO transition

Avis Budget Group Inc. announced on Thursday its financial leadership has changed.

The Parsippany-based provider of mobility solutions said John F. North III is transitioning from chief financial officer to pursue other interests. In response, Brian Choi will take on the role of CFO on Aug. 24. To ensure a smooth transition, North will remain in an advisory role until the end of the year.

“I want to thank John for his leadership and dedicated service to Avis Budget. John has been a tremendous asset to the company, particularly in recent months, when he has played a key role in delivering on the operational and financial strategies critical in helping navigate the company through the most challenged time in its history. We are pleased that we will continue to benefit from John’s insights and expertise in his new role as an advisor and wish him well in his future endeavors,” Joe Ferraro, CEO of Avis Budget Group, said.

Choi was a member of the board since January 2016 and as a partner of SRS Investment since 2008. He will resign from Avis’ board of directors and will no longer be affiliated with SRS Investment Management once he’s CFO. Earlier in his career, he was with the Leveraged Finance Group at Lehman Brothers. With Choi’s resignation, the board was reduced from seven to six members.

“We are delighted to have Brian join our senior management team. 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. He will be a great asset as we continue to reshape our company for a post-pandemic world,” Ferraro said.