UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
Report (Date of Earliest Event Reported): March 5, 2007 (March 2, 2007)
Avis
Budget Group, Inc.
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
|
1-10308
|
06-0918165
|
|
(State
or Other Jurisdiction of Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
6
Sylvan Way
Parsippany,
NJ
|
07054
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(973)
496-4700
(Registrant's
telephone number, including area code)
N/A
(Former
name or former address if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officer.
On
March
2, 2007, our Board of Directors elected Ms. Mary C. Choksi as a director,
effective immediately. Ms. Choksi has been Managing Director of Strategic
Investment Partners, Inc. and Emerging Markets Investors Corporation (investment
management firms) since 1987.
Ms.
Choksi will stand for re-election by shareholders at our 2007 Annual Meeting.
Ms. Choksi has been assigned to the Audit Committee of the Board of Directors
and replaced Sheli Z. Rosenberg on such Committee.
Ms.
Choksi is an independent director under the New York Stock Exchange Listing
Standards and our director independence criteria. In accordance with
compensation provided to all of our non-employee directors, Ms. Choksi was
awarded a one-time new director equity grant of 2,919 deferred shares of common
stock, which will vest ratably over three years, subject to Ms. Choksi’s
continued service as a director. In addition, Ms. Choksi will receive an annual
retainer fee of $125,000 and fees as an Audit Committee member of $20,000 per
year. Such amounts will be paid 50% in cash and 50% in deferred common stock.
Each share of deferred common stock entitles a director to receive one share
of
common stock immediately following such director’s retirement or termination of
service from the Board for any reason.
Our
press
release announcing Ms. Choksi’s appointment is attached as Exhibit 99.1 and
incorporated by reference herein.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
The
following exhibits are filed as part of this report:
|
Exhibit
No.
|
Description
|
|
|
99.1
|
Press
Release dated March 5, 2007.
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
AVIS
BUDGET GROUP, INC.
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|||
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By:
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/s/
Jean M. Sera
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||
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Jean
M. Sera
Senior
Vice President and Secretary
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Date:
March 5, 2007
EXHIBIT
INDEX
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Exhibit
No.
|
Description
|
|
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99.1
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Press
Release dated March 5, 2007.
|
Exhibit
99.1
AVIS
BUDGET GROUP APPOINTS MARY CHOKSI
TO
BOARD OF DIRECTORS
PARSIPPANY,
N.J., March 5, 2007 - Avis Budget Group, Inc. (NYSE:
CAR), a leading provider of vehicle rental services, today announced
the appointment of Mary C. Choksi to its Board of Directors. Ms. Choksi fills
a
newly-created seat and will serve for a term scheduled to end at the 2007 annual
meeting of stockholders. She is an independent director (under the rules of
the
New York Stock Exchange) and will serve on the Board’s Audit Committee.
Ms.
Choksi adds extensive financial management expertise to our Board of Directors,
as a founding partner and managing director of Strategic Investment Group,
where
she is a key contributor to the development of Strategic’s overall investment
policy, with extensive expertise in non-U.S. investments. Ms. Choksi is also
a
founding partner and managing director of Strategic’s sister company, Emerging
Markets Management LLC. Strategic and Emerging Markets Management together
manage approximately $35 billion in assets for institutional and private
investors.
“We
are
delighted that Mary has agreed to join our Board,” said Ronald L. Nelson,
chairman and chief executive officer of Avis Budget Group. “She brings a wealth
of financial expertise to our Board and will be invaluable in guiding Avis
Budget in the coming years.”
Ms.
Choksi earned an M.A. degree in international relations from Johns Hopkins
University. She also holds a master's degree in public affairs and
bachelor's degree, both from the University of Minnesota.
About
Avis Budget Group, Inc.
Avis
Budget Group is a leading provider of vehicle rental services, with operations
in more than 70 countries. Through its Avis and Budget brands, the company
is
the largest general-use vehicle rental company in each of North America,
Australia, New Zealand and certain other regions. Avis Budget Group is
headquartered in Parsippany, N.J. and has more than 30,000 employees. For more
information about Avis Budget Group, visit
www.avisbudgetgroup.com.
Media
Contacts:
John
Barrows
(973)
496-7865
Susan
McGowan
(973)
496-3916
Investor
Contact:
David
Crowther
(973)
496-7277
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