Avis Budget Group appoints Daniel Cunha as CFO effective July 1, 2025, succeeding Izzy Martins, who departs June 30.
Quiver AI Summary
Avis Budget Group, Inc. has announced the appointment of Daniel Cunha as Chief Financial Officer, effective July 1, 2025, following Izzy Martins' departure on June 30 to pursue other opportunities. Cunha brings extensive experience from his previous roles as CFO of Orion Services Group, Ocean Spray, and Heinz North America, along with a background in consulting at McKinsey & Company and private equity at GP Investments. He holds degrees in Mechanical and Aeronautical Engineering and an MBA from Harvard. Martins will assist with the transition until August 31, 2025. Brian Choi, the Chief Transformation Officer and incoming CEO, expressed gratitude for Martins' over 20 years of service and welcomed Cunha to the leadership team, highlighting his strategic financial and operational expertise as vital for the company's future plans.
Potential Positives
- Appointment of Daniel Cunha as Chief Financial Officer introduces experienced financial leadership, enhancing the company's strategic and financial planning.
- Cunha's background includes leadership roles at notable companies like Ocean Spray and Heinz North America, which may bring valuable insights and practices to Avis Budget Group.
- Brian Choi, the incoming CEO, expresses confidence in Cunha's capabilities, signaling a strong endorsement from key leadership, which can positively impact team morale and company direction.
- Izz Martins will advise during the transition period, ensuring continuity and stability as leadership changes occur.
Potential Negatives
- Management change may create instability or uncertainty around the company's financial strategies, as it involves transitioning leadership personnel.
- Izzy Martins’ departure after over 20 years could raise concerns among stakeholders about potential disruption to ongoing initiatives and the company's direction.
- The reliance on a newly appointed CFO from a different industry (commercial services) might raise questions about his fit and readiness for the complex challenges in the mobility solutions sector.
FAQ
Who has been appointed as the new CFO of Avis Budget Group?
Daniel Cunha has been appointed as Chief Financial Officer, effective July 1, 2025.
When will the new CFO start at Avis Budget Group?
Daniel Cunha will begin his role on July 1, 2025.
Why is Izzy Martins leaving Avis Budget Group?
Izzy Martins is leaving to pursue another opportunity after over 20 years with the company.
What prior experience does Daniel Cunha have?
Daniel Cunha previously served as CFO at Orion Services Group, Ocean Spray, and Heinz North America.
What role will Izzy Martins play during the transition?
Izzy Martins will advise the company until August 31, 2025, to ensure a smooth transition.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CAR Insider Trading Activity
$CAR insiders have traded $CAR stock on the open market 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $CAR stock by insiders over the last 6 months:
- LYNN KROMINGA has made 0 purchases and 2 sales selling 2,066 shares for an estimated $196,270.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$CAR Hedge Fund Activity
We have seen 144 institutional investors add shares of $CAR stock to their portfolio, and 159 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- UBS GROUP AG added 1,767,075 shares (+1077.2%) to their portfolio in Q1 2025, for an estimated $134,120,992
- PENTWATER CAPITAL MANAGEMENT LP added 1,695,000 shares (+271.2%) to their portfolio in Q1 2025, for an estimated $128,650,500
- FMR LLC removed 869,179 shares (-28.3%) from their portfolio in Q1 2025, for an estimated $65,970,686
- GOLDMAN SACHS GROUP INC added 815,032 shares (+687.2%) to their portfolio in Q1 2025, for an estimated $61,860,928
- RUBRIC CAPITAL MANAGEMENT LP removed 672,406 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $54,202,647
- MASSACHUSETTS FINANCIAL SERVICES CO /MA/ removed 590,563 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $44,823,731
- AMUNDI removed 498,818 shares (-97.2%) from their portfolio in Q1 2025, for an estimated $37,860,286
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
PARSIPPANY, N.J., June 09, 2025 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. ( NASDAQ: CAR ) today announced the appointment of Daniel Cunha as Chief Financial Officer, effective July 1, 2025. Mr. Cunha will lead ABG’s finance functions and partner with other senior leaders to set and deliver on the Company's long-term strategic and financial objectives. Izzy Martins will be leaving the Company on June 30, 2025, to pursue another opportunity.
Mr. Cunha joins ABG from Orion Services Group, a private equity owned commercial field services company, where he served as CFO for the past year. Prior to Orion, Mr. Cunha was the CFO of Ocean Spray and Heinz North America. Mr. Cunha started his career at McKinsey & Company as a consultant and subsequently worked in private equity at GP Investments. He has a degree in Mechanical and Aeronautical Engineering from Instituto Tecnológico de Aeronáutica and an MBA from Harvard Business School.
Ms. Martins will continue to advise the Company through August 31, 2025, to assist with the orderly transition of her duties to Mr. Cunha.
Brian Choi, Chief Transformation Officer and incoming Chief Executive Officer of Avis Budget Group, Inc., said, “I would like to thank Izzy for her more than 20 years of exemplary service to the Company and wish her well in her future endeavors. We are delighted to welcome Daniel to our senior leadership team. Daniel’s strong blend of strategic financial leadership and operational expertise coupled with a track record of driving performance will prove invaluable as we execute the next phase of our strategic plan.”
ABOUT AVIS BUDGET GROUP
We are a leading global provider of mobility solutions, both through our Avis and Budget brands, which have approximately 10,250 rental locations in approximately 180 countries around the world, and through our Zipcar brand, which is the world's leading car sharing network. We operate most of our car rental locations in North America, Europe and Australasia directly, and operate primarily through licensees in other parts of the world. We are headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute “forward-looking statements.” Any statements that refer to outlook, expectations or other characterizations of future events, circumstances, or results, including the management changes discussed in this press release, are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks related to the management changes discussed in this press release and the other factors described in the “Risk Factors” and “Forward-Looking Statements” sections of Avis Budget Group’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the three months ended March 31, 2025. Accordingly, actual results, levels of activity, performance, achievements, and events could differ materially from those stated, anticipated or implied by such forward-looking statements. The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.
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