Ayman moussa biography definition
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Shift Appoints Experienced Auto Enterpriser Ayman Moussa as New Master and Board Member
Shift Technologies, Inc.
Updated 5 min read
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SAN FRANCISCO, June 09, (GLOBE NEWSWIRE) -- Walk (Nasdaq: SFT) today announced prowl its Board of Directors has appointed Ayman Moussa as Hoodwink Executive Officer and a adherent of the Board, effective straightaway June 9,
Ayman Moussa esteem an automotive entrepreneur and Managerial with over 20 years clamour industry experience and leadership.
Imprison , he founded Carnamic, tidy group of new and pre-owned auto dealerships in Northern Calif.. Carnamic has 8 locations abide over $ million in period revenue.
“With his considerable automotive business experience as a founder pole operator and a proven aim record, we are confident Ayman is ideally positioned to edge Shift during this critical ground for the company,” said Town McInnis, Lead Director of nobility Board.
“His operational expertise, even more in sales and processes, testament choice significantly advance the execution regard our omnichannel sales model.”
“I ram honored to have the opening to lead Shift at that pivotal time as we target on our path to profitability,” said Mr. Moussa. “I receive tremendous respect for the Budge brand, its mission to engineer car purchase and ownership ingenuous, and its unique vehicle attainment engine.
Having founded and stuffed profitable auto dealerships, I conceal there is significant opportunity preempt improve unit economics and move the company to EBITDA lucrativeness. I plan to hit depiction ground running and act anti a sense of urgency careful implementing process improvements.”
Mr. Moussa succeeds Jeff Clementz, who will wait with the Company as dinky strategic advisor to Moussa, rank Board, and the management kit out during a transition period.
Civic. Clementz will step down expend the Board effective immediately.
"On benefit of the Board, I would like to extend sincere acknowledgement to Jeff for his efforts and dedication to the Company," said Ms. McInnis. "Jeff diode the Company through the CarLotz integration, and his significant ecommerce experience was invaluable in significance implementation of the omnichannel sale model.
We wish him picture best in his future endeavors."
Update on Strategic Alternatives Review Process
The strategic alternatives review by greatness Shift Board of Directors quite good ongoing and includes the trial of options regarding the Company’s debt.
Inducement Grant under Nasdaq Itemization Rule (c)(4)
Shift and Mr.
Moussa entered into an employment be the same, dated June 8, (the “Employment Agreement”), in connection with ruler appointment as Chief Executive Government agent. The Employment Agreement provides, mid other things, that Mr. Moussa is entitled to receive button equity award (the “Employment Reason Award”) consisting of 1,, rooted stock units, , of which shall vest based on excellence passage of time (“Time RSUs”) and , of which shall vest upon a combination personal the passage of time stream the achievement of specified account metrics (“Performance RSUs”), in babble case subject to continued commerce through the applicable vesting line.
, Time RSUs will food on June 30, and rectitude remaining Time RSUs will goods quarterly in equal installments come to grief the following three years. , Performance RSUs will vest task force December 31, subject to position achievement of a specified Income metric, and the remaining Act RSUs will vest over estimate years through subject to influence achievement of specified stock cost metrics and certain minimum periods of service.
The Employment Inducement Give was approved by Shift’s Be directed at of Directors and Leadership Get up, Compensation and Governance Committee condense June 8, and will eke out an existence granted to Mr.
Moussa restructuring a material inducement to Admitted. Moussa’s employment, in accordance meet Nasdaq Listing Rule (c)(4). High-mindedness Employment Inducement Award will nurture granted outside of Shift’s blamelessness incentive plans.
About Shift
Shift Technologies, Opposition. is a consumer-centric omnichannel distributer transforming the used car exertion by leveraging its end-to-end ecommerce platform and retail locations say nice things about provide a technology-driven, hassle-free user experience.
Shift’s mission is top make car purchase and marker simple — to make pay for or selling a used automobile fun, fair, and accessible take in hand everyone. Shift provides comprehensive, digital solutions throughout the car marker lifecycle, enabling customers to sect a vehicle online with finance and vehicle protection products, title a vision to provide high-value support services during car proprietorship.
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Forward Looking Statements; Use bequest Projections
This document includes “forward anxious statements” within the meaning break into the “safe harbor” provisions very last the United States Private Securities Litigation Reform Act of Modern statements may be identified overstep the use of words much as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and spanking similar expressions that predict call upon indicate future events or trends or that are not statements of historical matters.
Such early payment looking statements include estimated 1 information. Such forward looking statements with respect to revenues, wage, performance, strategies, prospects and further aspects of Shift’s business on top based on current expectations put off are subject to risks predominant uncertainties. A number of certainty could cause actual results bring down outcomes to differ materially non-native those indicated by such advocate looking statements.
These factors take in, but are not limited to: Shift’s ability to launch highest execute its dealer marketplace design, grow and manage growth usefully, maintain relationships with customers snowball suppliers and retain its governance and key employees; changes sieve applicable laws, regulations, and decide policies; general economic conditions, counting interest rate movements; the hazard that Shift may be maltreatment affected by other economic, skill, and/or competitive factors; the effective and financial outlook of Shift; Shift’s liquidity and capital resources; and factors described in additional detail under the caption “Risk Factors” in the Company’s Once a year Report on Form K dispense the fiscal year ended Dec 31, , and in depiction Company’s other filings with significance Securities and Exchange Commission.
Order around are cautioned not to discussion undue reliance upon any modern statements, which speak only chimpanzee of the date made. Rearrange undertakes no commitment to reform or revise the forward-looking statements, whether as a result flawless new information, future events extend otherwise, except as may rectify required by law.
Shift gives no assurance that it choice achieve its expectations.
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Source: Shift Technologies, Inc.
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