Avis Budget Group Inc. (CAR) named a new independent chairman of the board, and got a $15 million stock investment to boot. The car rental company said Bernardo Hees will be the new chairman, succeeded Leonard Coleman will continue as a board member. Previously, Hees has been chief executive of Kraft Heinz Co. (KHC), Restaurant Brands International Inc.'s (QSR.T) Burger King Worldwide Holdings Inc. and America Latina Logistica over the past 15 years. Hees is investing $15 million in Avis's stock at Friday's closing price of $34.87, "to align his interests with those of all shareholders." The investment represents about 0.6% of the shares outstanding. Avis stock, which was still inactive in premarket trading, has rallied 13.4% over the past three months, while rival Hertz Global Holdings Inc. (HTZ) shares have edged up 1.0% and the S&P 500 has gained 7.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 10, 2020 08:42 ET (13:42 GMT)
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