Avis Budget Group (NASDAQ: CAR) today announced that after an exceptional 45-year career with the Company, Joe Ferraro will transition from CEO to Board Advisor, effective June 30, 2025. Brian Choi, the Company’s Chief Transformation Officer, will take over as CEO, effective July 1, 2025. Additionally, Jagdeep Pahwa, who has served as a Board member since 2018 and as Chairman of the Board since May 2024, has been named Executive Chairman.

“We are grateful to Joe for his strong leadership and invaluable contributions to Avis Budget Group, particularly during the challenges of the COVID-19 pandemic, which helped us emerge as a stronger company. I am also excited to continue working with him in his role as Board Advisor,” said Pahwa. “We are confident that Brian is well-positioned to lead the Company going forward. I wish him the best in his new role and look forward to working closely with him.”

Reflecting on his tenure, Ferraro stated, “It has been an honor to serve as CEO and to work alongside the outstanding team at Avis Budget Group, where I have spent my entire career. Together, we have worked tirelessly to achieve record results and position the Company for future success. I look forward to seeing the Company continue a strong trajectory in the years ahead.”

Incoming CEO Brian Choi stated, “I am honored to step into the role of CEO and lead this incredible organization into its next chapter. I want to thank Joe for his leadership, operational expertise, and invaluable insights. I look forward to working with my colleagues and Jagdeep to continue innovating our business, enhancing our customer value proposition, and creating long-term value for all stakeholders.”