Thread: Avis Budget's new chairman buys $15 million worth of stock

Avis Budget's new chairman buys $15 million worth of stock

Avis Budget Group Inc. named a new independent chairman of the board, and got a $15 million stock investment to boot. The car rental company said Bernardo Hees will be the new chairman, succeeded Leonard Coleman will continue as a board member. Previously, Hees has been chief executive of Kraft Heinz Co. , Restaurant Brands International Inc.'s Burger King Worldwide Holdings Inc. and America Latina Logistica over the past 15 years. Hees is investing $15 million in Avis's stock at Friday's closing price of $34.87, "to align his interests with those of all shareholders." The investment represents about 0.6% of the shares outstanding. Avis stock, which was still inactive in premarket trading, has rallied 13.4% over the past three months, while rival Hertz Global Holdings Inc. shares have edged up 1.0% and the S&P 500 has gained 7.6%.

https://finance.yahoo.com/m/8beb5b45...html?.tsrc=rss