February 15, 2018 / 11:15 PM / a year ago

Avis' biggest investor nominates 5 to board seat elections

Feb 15 (Reuters) - Avis Budget Corp’s largest shareholder said on Thursday it had nominated five members for election to the car rental company’s board at the upcoming annual meeting.

SRS Investment Management LLC, which said it had a 31 percent economic interest in the company, has nominated two existing Avis board members and three new nominees.

Avis last month approved a one-year stockholder rights plan, also known as a poison pill, to prevent SRS Investment from obtaining control without paying a premium.

SRS said on Thursday its demands include the hiring of a new chief financial officer as well as linking management compensation with performance targets.

Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila

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