237,500 Time RSUs will vest on Jand the remaining Time RSUs will vest quarterly in equal installments over the following three years. Moussa is entitled to receive an equity award (the “Employment Inducement Award”) consisting of 1,900,000 restricted stock units, 950,000 of which shall vest based on the passage of time (“Time RSUs”) and 950,000 of which shall vest upon a combination of the passage of time and the achievement of specified performance metrics (“Performance RSUs”), in each case subject to continued employment through the applicable vesting date. The Employment Agreement provides, among other things, that Mr.
Moussa entered into an employment agreement, dated J(the “Employment Agreement”), in connection with his appointment as Chief Executive Officer. Inducement Grant under Nasdaq Listing Rule 5635(c)(4) The strategic alternatives review by the Shift Board of Directors is ongoing and includes the evaluation of options regarding the Company’s debt.
#Shift car sales locations update
Update on Strategic Alternatives Review Process
We wish him the best in his future endeavors." "Jeff led the Company through the CarLotz integration, and his significant ecommerce experience was invaluable in the implementation of the omnichannel sales model. "On behalf of the Board, I would like to extend sincere appreciation to Jeff for his efforts and dedication to the Company," said Ms. Clementz will step down from the Board effective immediately. Moussa succeeds Jeff Clementz, who will remain with the Company as a strategic advisor to Moussa, the Board, and the management team during a transition period. I plan to hit the ground running and act with a sense of urgency in implementing process improvements.”
Having founded and led profitable auto dealerships, I believe there is significant opportunity to improve unit economics and bring the company to EBITDA profitability. “I have tremendous respect for the Shift brand, its mission to make car purchase and ownership simple, and its unique vehicle acquisition engine. “I am honored to have the opportunity to lead Shift at this pivotal time as we focus on our path to profitability,” said Mr. “His operational expertise, especially in sales and processes, will significantly advance the execution of our omnichannel sales model.” “With his considerable automotive dealership experience as a founder and operator and a proven track record, we are confident Ayman is ideally positioned to lead Shift during this critical juncture for the company,” said Victoria McInnis, Lead Director of the Board. Carnamic has 8 locations and over $200 million in annual revenue. In 2009, he founded Carnamic, a group of new and pre-owned auto dealerships in Northern California. SAN FRANCISCO, J(GLOBE NEWSWIRE) - Shift (Nasdaq: SFT) today announced that its Board of Directors has appointed Ayman Moussa as Chief Executive Officer and a member of the Board, effective immediately June 9, 2023.Īyman Moussa is an automotive entrepreneur and CEO with over 20 years of industry experience and leadership.
0 kommentar(er)
