SAN FRANCISCO, Aug. 09, 2022 (GLOBE NEWSWIRE) — Shift Technologies, Inc. (Nasdaq: SFT) and its Board of Directors introduced at this time that Co-Founder and CEO George Arison can be stepping down as CEO efficient September 1, 2022, and can be succeeded by the President of Shift, Jeff Clementz. Mr. Arison will proceed in his function as Chairman of the Board of Directors.
Arison began Shift in 2013. Since then, Shift has served over 100,000 clients and generated roughly $2 billion in cumulative income. In 2020, Arison turned by all accounts the primary ever brazenly homosexual founder-CEO to take an American firm public. Since then, Shift has met or exceeded 27 of the 29 steering metrics it has supplied as a public firm.
“Building your own company is an incredible journey, especially for a kid born in the USSR, where private enterprise was illegal. I am so grateful to my co-founders, investors, and team members who believed in our vision and gave it their all to bring it to fruition, and especially to my husband and children, for sharing me with Shift, which is like my first born child,” mentioned Arison.
“Over the years, as a Board, we’ve had many conversations about what Shift needed in its next CEO,” continued Arison. “To that end, we recruited Jeff Clementz, a strong leader with deep experience in technology and retail, as our President. Jeff has played an instrumental role in driving the new business focus areas we announced today, as well as our M&A with Fair and CarLotz. He is extremely well positioned to succeed as CEO. The board is promoting Jeff with full confidence in his abilities to lead Shift to a great, profitable future.”
Of his transition, Arison mentioned, “this is the right move at this stage in my life, and I am excited that we have the right leader at the helm, whose success I will support in every way I can.”
Jeff Clementz, present President and incoming CEO of Shift mentioned, “I’m honored to be taking on the role of CEO during this pivotal time for Shift. I joined Shift because I believe that we are building the most customer centric car-buying and selling experience with outstanding technology, operations, and a cost-conscious retail mindset. It is an exciting time to be leading our fantastic team as we continue to execute on this vision to disrupt the used auto retail industry and provide customers with a simple, seamless way to buy and sell used cars.”
Several members of Shift’s Board of Directors made the next statements about Arison:
“Over the decade taking Shift from a startup based in his living room to a publicly listed company on Nasdaq, what stands out about George is his incredible grit and perseverance, always overcoming whatever challenges the company may face and refusing to give up,” mentioned Emily Melton, Shift’s lead unbiased Director who has been on the board since 2014. “Under George’s leadership Shift has built a disruptive, customer centric business that is well positioned to grow and prosper in the years to come. On behalf of the entire Shift board, we’d like to thank George for his dedication to Shift over these many years.”
“One of George’s strengths as a CEO is his ability to take disruptive entrepreneurial ideas, combine them with data, and then distill it into actionable strategic insight, whether it comes to product, operations, relationships, or capital raising,” mentioned Adam Nash, Shift seed investor since 2013 and Director. “This skill has been invaluable to Shift, as is once again evident in the CarLotz merger we announced today. It has been a pleasure to partner with him in helping him bring his vision to life.”
“I’ve had the pleasure to observe George’s growth as a founder who can set audacious goals into a CEO who can build a team to make those goals happen. George has demonstrated time and time again his ability to recruit top talent who can work together to build something special under his leadership. He has a knack for nurturing executives to grow and tap into their true potential as leaders,” mentioned Manish Patel, Shift Director since 2014.
“George was the key leader in starting Shift,” mentioned Toby Russell, Shift’s Co-Founder, present board member, and former CEO. “From developing the idea to launching the company, and throughout his nearly a decade leading at Shift, the company would not exist today without his energy, creativity and drive. His value to this business has been immeasurable.”
About Shift
Shift is a number one end-to-end auto ecommerce platform reworking the used automobile trade with a technology-driven, hassle-free buyer expertise. Shift’s mission is to make automobile buy and possession easy — to make shopping for or promoting a used automobile enjoyable, honest, and accessible to everybody. Shift offers complete, digital options all through the automobile possession lifecycle, enabling clients to buy a car on-line with financing and car safety merchandise, and a imaginative and prescient to offer high-value assist providers throughout automobile possession. For extra data please go to www.shift.com.
Forward-Looking Statements
This doc consists of “forward looking statements” inside the that means of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements could also be recognized by means of phrases similar to “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and different comparable expressions that predict or point out future occasions or traits or that aren’t statements of historic issues. Such ahead wanting statements embrace estimated monetary data. Such ahead wanting statements with respect to revenues, earnings, efficiency, methods, prospects and different points of Shift’s business are based mostly on present expectations which might be topic to dangers and uncertainties. A variety of elements may trigger precise outcomes or outcomes to vary materially from these indicated by such ahead wanting statements. These elements embrace, however aren’t restricted to: (1) Shift’s skill to maintain its present fee of development, which can be affected by, amongst different issues, competitors, Shift’s skill to develop and handle development profitably, preserve relationships with clients and suppliers and retain its administration and key workers; (2) adjustments in relevant legal guidelines or laws; (3) the chance that Shift could also be adversely affected by different financial, business, and/or aggressive elements; (4) the operational and monetary outlook of Shift; (5) the power for Shift to execute its development technique; (6) Shift’s skill to buy enough portions of automobiles at engaging costs; and (7) different dangers and uncertainties indicated once in a while in different paperwork filed or to be filed with the SEC by Shift. You are cautioned to not place undue reliance upon any forward-looking statements, which converse solely as of the date made. Shift undertakes no dedication to replace or revise the forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as could also be required by regulation.
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