Avis Budget CEO Joe Ferraro to Step Down, Brian Choi Named Successor

Dow Jones

Feb 12, 2025

By Sabela Ojea

Avis Budget's Chief Executive Officer Joe Ferraro is stepping down and will be succeeded by Brian Choi, its chief transformation officer.

The Parsippany, N.J.-based car-rental company on Tuesday said that Ferraro will leave his position on June 30 to take on a position as adviser to the board. Choi will succeed him as CEO on July 1.

The company also named board chairman Jagdeep Pahwa as its executive chairman.

Ferraro has been as Avis Budget's CEO since June 2020 after serving as interim president and CEO for six months. Prior to that, he was president of the Americas division.

Avis Budget's CEO change comes as the company posts a wider loss and slightly lower revenue for the fourth quarter.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 11, 2025 16:21 ET (21:21 GMT)

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