Exhibit 99.1
Avis Budget Group Enters into New Cooperation Agreement with SRS Investment Management
Board will Ultimately Be Comprised of Nine Directors, Including Three SRS Representatives
PARSIPPANY, N.J., February 24, 2020 Avis Budget Group, Inc. (NASDAQ: CAR) (the Company) today announced that it
has entered into a new cooperation agreement with SRS Investment Management, LLC (SRS), the Companys largest shareholder.
The terms of
the new approximately two-year cooperation agreement include the appointment of Jagdeep Pahwa, a current Board member and President of SRS, as Vice Chairman of the Board. The Companys slate for election
at the 2020 Annual Meeting of Shareholders will include the addition of Karthik Sarma, Managing Partner of SRS, and current Board members Bernardo Hees, Mr. Pahwa, Carl Sparks, Glenn Lurie, Brian Choi and Lynn Krominga.
Six current directors are not standing for re-election at the 2020 Annual Meeting, temporarily reducing the size of
the Board to seven directors. The Board will identify an additional independent director within 90 days of the 2020 Annual Meeting, and once a permanent Chief Executive Officer is named, he or she will also join the Board, resulting in a nine-person
Board.
Bernardo Hees, Chairman of the Board, said, SRS has been a valuable long-term partner to Avis. We are pleased to have reached a
new cooperation agreement with them that we believe is in the best interests of the Company and our shareholders. I look forward to working closely with Jagdeep to drive shareholder value and position Avis Budget
Group for long-term performance. On behalf of the Board, I would like to thank our retiring directors for their many contributions to Avis Budget Group.
I am excited for this phase that Avis is entering with a reconstituted Board that is fully aligned with the interests of all stakeholders. The Board is
well-equipped to oversee the Companys pursuit of excellence and focus on delivering strong, sustainable results, stated Mr. Sarma.
The
complete agreement between Avis Budget Group and SRS will be included in a Form 8-K to be filed with the Securities and Exchange Commission.
Forward-Looking Statements
Certain statements in this
press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that
otherwise include the words believes, expects, anticipates, intends, projects, estimates, plans, will, should, would,
may and could or similar words or expressions are generally forward-looking in nature and not historical facts. Any statements that refer to outlook, expectations or other characterizations of future events, circumstances or
results, including all statements related to the operation or effects of the new cooperation agreement, are also forward-looking statements. Important risks, assumptions and other important factors that could cause future results to differ
materially from those expressed in the forward-looking statements are specified in Avis Budget Groups most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q under headings such as Forward-Looking Statements, Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations and in other
filings and furnishings made by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the
occurrence of unanticipated events.
Important Additional Information and Where to Find It
The Company, its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from
stockholders in connection with the Companys 2020 Annual Meeting. The Company plans to file a proxy statement with the U.S. Securities and Exchange Commission (the SEC) in