| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 7, 2021, the Board of Directors (the “Board”) of Avis Budget Group, Inc. (the “Company”) filled a vacancy in the Board by electing Anu Hariharan, effective January 1, 2022, to serve as a director until the Company’s 2022 annual meeting of stockholders. The Board has determined that Ms. Hariharan is independent in accordance with Nasdaq rules. Ms. Hariharan will also serve as a member on the Board’s Audit Committee.
Ms. Hariharan, age 41, is a Partner at Y Combinator’s Continuity Fund focused on growth stage investments, where she has led investments in Convoy, Brex, Gusto and Faire, among many others. Prior to joining Y Combinator in 2016, Ms. Hariharan was a Partner with the investment team at Andreessen Horowitz, from 2014 to 2016. Previously, Ms. Hariharan was a Principal with The Boston Consulting Group, from 2010 to 2014, and, prior to that, a senior software engineer with Qualcomm. Ms. Hariharan is a director of Altimeter Growth Corp. 2, a special purpose acquisition company listed on the New York Stock Exchange. Ms. Hariharan holds a B.E. from the National Institute of Technology Karnataka, an M.S. from Virginia Tech and an M.B.A. from The Wharton School at the University of Pennsylvania.
In connection with her service as a director, Ms. Hariharan will be eligible to receive the director compensation applicable to other Board and committee members.
As a result of Ms. Hariharan’s election, on January 1, 2022, the Company is expected to regain compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires the Company’s Audit Committee be comprised of three independent directors.
