Avis Budget Q4 net loss ~$2B on fleet impairment; CEO Ferraro steps down, Choi named successor

AVIS BUDGET GROUP, INC.

2024-FY EPS reported -$51.23 revenue$11,789,000,000

Q4 revenue $2.7B; net loss nearly $2B including $2.3B impairment; Adjusted EBITDA loss $101M.
Full year revenue $11.8B, net loss $1.8B; CEO guides to at least $1B Adjusted EBITDA in 2025.
CEO Joe Ferraro to become Board Advisor effective June 30, 2025; Brian Choi appointed CEO effective July 1, 2025.
Jagdeep Pahwa named Executive Chairman effective March 1, 2025.
Choi's base salary rises to $1.0M; 2025 LTI grant value of $3.75M.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Joseph A. Ferraro

President and Chief Executive Officer

CAR · AVIS BUDGET GROUP, INC.

Effective: 2025-06-30
Successor: Brian J. Choi
Filed: February 11, 2025, 6:59 PM ET

On February 11, 2025, we announced that Joseph A. Ferraro, President and Chief Executive Officer, will transition to a Board Advisor role effective June 30, 2025.

Appointed

Jagdeep Pahwa

Executive Chairman

CAR · AVIS BUDGET GROUP, INC.

Effective: 2025-03-01
Filed: February 11, 2025, 6:59 PM ET

The Board also appointed Jagdeep Pahwa, the Company's current Board Chairman, as Executive Chairman, effective March 1, 2025.

Appointed

Brian J. Choi

Chief Executive Officer

CAR · AVIS BUDGET GROUP, INC.

Effective: 2025-07-01
Filed: February 11, 2025, 6:59 PM ET

the Board of Directors (the "Board") of the Company appointed Brian J. Choi, who has been serving as Chief Transformation Officer, as the Company's Chief Executive Officer ("CEO"), effective July 1, 2025.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph A. Ferraro changed role as President and Chief Executive Officer at AVIS BUDGET GROUP, INC..

Action: transition to a Board Advisor role
Role: President and Chief Executive Officer

Exact text from the filing

On February 11, 2025, we announced that Joseph A. Ferraro, President and Chief Executive Officer, will transition to a Board Advisor role effective June 30, 2025.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jagdeep Pahwa was appointed as Executive Chairman at AVIS BUDGET GROUP, INC..

Action: appointed
Role: Executive Chairman

Exact text from the filing

The Board also appointed Jagdeep Pahwa, the Company's current Board Chairman, as Executive Chairman, effective March 1, 2025.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Brian J. Choi was appointed as Chief Executive Officer at AVIS BUDGET GROUP, INC..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

the Board of Directors (the "Board") of the Company appointed Brian J. Choi, who has been serving as Chief Transformation Officer, as the Company's Chief Executive Officer ("CEO"), effective July 1, 2025.

View on SEC.gov

AVIS BUDGET GROUP, INC. filing history →

Source: SEC EDGAR

accession 0000723612-25-000002

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.