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PARSIPPANY, N.J. - Avis Budget Group, Inc. (NASDAQ: CAR) has announced the appointment of Daniel Cunha as its new Chief Financial Officer, effective July 1, 2025. The incoming CFO will take over from Izzy Martins, who is departing on June 30 to explore a new opportunity. Cunha, previously CFO at Orion Services Group and with past roles at Ocean Spray and Heinz North America, brings a wealth of financial and operational expertise to the car rental giant, which currently maintains a market capitalization of $4.4 billion and has delivered an impressive 52.6% return year-to-date.
The leadership change comes as Avis Budget Group continues to navigate a mobility solutions market that spans across approximately 180 countries. Cunha’s experience includes a background in consultancy at McKinsey & Company and a stint in private equity with GP Investments. His academic credentials include a degree in Mechanical and Aeronautical Engineering and an MBA from Harvard Business School.
Brian Choi, Chief Transformation Officer and the future CEO of Avis Budget Group, expressed gratitude towards Martins for her over two decades of service and welcomed Cunha, highlighting his strategic financial leadership as a valuable asset for the company’s future plans.
Martins is set to remain as an advisor until August 31, 2025, to ensure a smooth transition of responsibilities. This move is part of a broader strategic plan that Avis Budget Group is executing, aiming to strengthen its position in the global mobility solutions sector.
The company, which operates its car rental services mainly through its Avis and Budget brands, as well as the car-sharing network Zipcar, is headquartered in Parsippany, New Jersey. While the majority of their rental locations are directly managed in North America, Europe, and Australasia, other regions operate primarily through licensees. The company generates annual revenue of $11.7 billion and maintains a "FAIR" financial health score according to InvestingPro’s comprehensive analysis, which offers detailed insights through its Pro Research Report, available along with extensive financial metrics and expert analysis for over 1,400 US stocks.
The information in this article is based on a press release statement from Avis Budget Group, Inc.
In other recent news, Avis Budget Group announced an upsizing of its senior notes offering to $600 million, initially set at $500 million, with the notes due in 2032. The proceeds from this offering are intended for general corporate purposes, including the potential repayment of existing debt. This financial strategy reflects Avis Budget’s efforts to optimize its capital structure. In analyst updates, Goldman Sachs adjusted its outlook on Avis Budget, cutting the stock price target to $87 while maintaining a Neutral rating. This revision was due to mixed results in the company’s earnings report, with concerns about revenue projections and first-quarter EBITDA. Meanwhile, JPMorgan raised its price target for Avis Budget to $155, citing an EBITDA performance that exceeded expectations, largely due to favorable vehicle depreciation trends. Jefferies also increased its price target to $117, highlighting the company’s effective fleet management and operational improvements. These developments underscore Avis Budget’s ongoing financial maneuvers and market positioning.
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