March 21 (Reuters) - Avis Budget Group Inc said on Wednesday its board slate would include three directors nominated by activist investor SRS Investment Management and two new independent directors.
SRS, which is the company’s largest shareholder, last month nominated five members for election to the car rental company’s board at its upcoming annual meeting.
Three current directors would retire, the company said on Wednesday.
Avis approved a one-year stockholder rights plan, also known as a poison pill, in January to prevent SRS from obtaining control without paying a premium.
SRS’ demands included hiring a new chief financial officer and linking management compensation with performance targets.
Reporting by Arunima Banerjee in Bengaluru; Editing by Sriraj Kalluvila