Avis Budget Group Taps Former Kraft Heinz CEO as Chairman

   By Dave Sebastian

Avis Budget Group Inc. (CAR) said it has named former Kraft Heinz Co. (KHC) Chief Executive Bernardo Hees as the company's independent board chairman and chair of the board's executive committee, effective Monday.

He succeeds Leonard Coleman, who will remain as a director, the car-rental company said.

Mr. Hees led Kraft Heinz from 2015 to June 2019, passing the baton to a fellow veteran manager of companies backed by investment firm 3G Capital LLC amid weak sales and a federal investigation into the food giant's procurement practices. He was a partner at 3G Capital from 2010 to 2019.

Mr. Hees is making a personal investment of $15 million in Avis shares, to be issued at the closing price of Avis common stock on Feb. 7, the company said.

Mr. Hees has also served as chief executive of Burger King Worldwide Holdings Inc. and of America Latina Logistica, a Brazilian logistics company.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

February 10, 2020 11:09 ET (16:09 GMT)

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