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The basics:

• Daniel Cunha joins Avis Budget as CFO in July
• Cunha replaces Izzy Martins, leaving after 20+ years with the company
• Brian Choi becomes CEO July 1, succeeding Joe Ferraro

As Avis Budget Group prepares for its new chief executive officer to take the reins, the Parsippany-based car rental company is bringing on a consumer packaged goods industry veteran as its next chief financial officer.

In a June 9 press release, Avis Budget said Daniel Cunha will start the role next month. In his new position, Cunha will lead the company’s finance functions and work with other senior leaders to set and deliver on long-term strategic and financial objectives, Avis Budget said.

Prior to Avis, Cunha spent five years as CFO at Orion Services Group, a private equity owned commercial field services company. His background also includes CFO posts at cranberry grower cooperative Ocean Spray and food and beverage giant Kraft Heinz.

He will succeed Izzy Martins, who Avis Budget said is leaving June 30 “to pursue another opportunity.” Martins was appointed to the position in January 2024 after more than two decades with the company. She will continue in an advisory role through Aug. 31 to ensure an orderly transition, Avis said.

Brian Choi, Avis Budget’s chief transformation officer and incoming CEO, thanked Martins for her “exemplary service” to the company and wished her well in future endeavors.

He went on to welcome Cunha to the senior leadership team. Choi said his “strong blend of strategic financial leadership and operational expertise coupled with a track record of driving performance will prove invaluable as we execute the next phase of our strategic plan.”

CEO transition

Choi begins July 1 as Avis Budget’s new CEO. He will take the helm from Joe Ferraro, the company announced in February. Ferraro became CEO in 2020 after 45 years with the company and is set to assume the role of board advisor, according to Avis Budget.

Choi has been the company’s chief transformation officer since 2023. Prior to that, he served as CFO for three years. His background also includes four years as an Avis Budget board member.

Before Avis Budget, Choi was partner at SRS Investment Management LLC from 2008 to 2020. Previously, Choi was an analyst at Lehman Brothers.

Commenting on his new job, Choi said he was honored for the opportunity to “lead this incredible organization into its next chapter.”

Choi also thanked Ferraro for “his leadership operational expertise, and invaluable insights” and said he looks forward to working with colleagues and the board “to continue innovating our business, enhancing our customer value proposition, and creating long-term value for all stakeholders.”