---
schema_version: "secwatch.filing_event.v1"
accession: "0000950142-23-002708"
form_type: "8-K"
ticker: "CAR"
cik: "0000723612"
company_name: "AVIS BUDGET GROUP, INC."
filed_at: "2023-11-01T23:59:59+00:00"
generated_at: "2026-06-09T03:33:05.368672+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Avis Budget Group realigns management: Martins to CFO, Choi to Transformation Officer, Pahwa to Chair

## Summary
- Izzy Martins promoted to EVP & CFO effective Jan 1, 2024; base salary $700,000, target incentive 125%, LTI target $1.725M.
- Brian Choi transitions from CFO to newly created EVP & Chief Transformation Officer, focusing on data, analytics, and technology; base $675,000, LTI target $2M.
- Jagdeep Pahwa to become Chairman after 2024 annual meeting, replacing Bernardo Hees who remains a board member.
- Hees steps down as Executive Chairman but continues as director; Pahwa is Vice Chairman and president of SRS Investment Management.

## SEC filing metadata
- accession: 0000950142-23-002708
- form_type: 8-K
- ticker: CAR
- cik: 0000723612
- company_name: AVIS BUDGET GROUP, INC.
- filed_at: 2023-11-01T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/723612/000095014223002708/0000950142-23-002708-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/723612/000095014223002708/eh230415330_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950142-23-002708
- JSON: https://secwatch.observer/filing/0000950142-23-002708.json
- Plain text: https://secwatch.observer/filing/0000950142-23-002708.txt

## Key facts
- Executive change
  Bernardo Hees departed as Executive Chairman at AVIS BUDGET GROUP, INC..
  - Action: resign
  - Role: Executive Chairman
  source text: Bernardo Hees will resign as Executive Chairman of the Board but continue to serve as a member of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002708/0000950142-23-002708-index.htm
- Executive change
  Brian J. Choi changed role as EVP & Chief Transformation Officer at AVIS BUDGET GROUP, INC..
  - Action: transitioned
  - Role: EVP & Chief Transformation Officer
  source text: Effective January 1, 2024, Mr. Choi will transition from the role of EVP & Chief Financial Officer and become the Company’s first EVP & Chief Transformation Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002708/0000950142-23-002708-index.htm
- Executive change
  Izzy Martins was appointed as EVP & Chief Financial Officer at AVIS BUDGET GROUP, INC..
  - Action: appointed
  - Role: EVP & Chief Financial Officer
  source text: Izzy Martins, currently serving as EVP Americas of the Company, will assume the role of EVP & Chief Financial Officer of the Company, effective January 1, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002708/0000950142-23-002708-index.htm
- Executive change
  Jagdeep Pahwa was appointed as Chairman of the Board at AVIS BUDGET GROUP, INC..
  - Action: assume
  - Role: Chairman of the Board
  source text: Jagdeep Pahwa, currently Vice Chairman of the Board, will assume the role of Chairman of the Board
  evidence_url: https://www.sec.gov/Archives/edgar/data/723612/000095014223002708/0000950142-23-002708-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.