Posted 14 June, 2023
SHIFT TECHNOLOGIES, INC. appointed Ayman Moussa as new CEO
Nasdaq:SFT appointed new Chief Executive Officer Ayman Moussa in a 8-K filed on 14 June, 2023.
Appointment of Ayman Moussa as Chief Executive Officer
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Overview of SHIFT TECHNOLOGIES, INC.
Retail/Wholesale • Specialty Retail
Shift Technologies, Inc. provides online automobile purchasing services. It also provides end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. The firm operates through the following segments: Retail and Wholesale. The Retail segment represents retail sales of used vehicles through its ecommerce platform and fees earned on sales of value-added products associated with those vehicles sales such as vehicle service contracts, guaranteed asset protection waiver coverage, prepaid maintenance plans, and appearance protection plans. The Wholesale segment represents sales of used vehicles through wholesale auctions or directly to a wholesaler. The company was founded by Irakly George Areshidze Arison, Toby Russell and Christian Ohler in 2013 and is headquartered in San Francisco, CA.Market Cap
$3.40K
View Company Details
$3.40K
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Ayman Moussa as Chief Executive Officer On June 9, 2023, the Board of Directors of Shift Technologies, Inc. (the "Company" or "Shift") appointed Ayman Moussa as the Company's Chief Executive Officer, to succeed Jeff Clementz, in each case effective as of June 9, 2023 (the "Transition Effective Date"). Mr. Moussa was appointed to a vacant position on the Board of Directors on the Transition Effective Date, to serve as a Class II director. Mr. Moussa, age 42, founded and developed one of the largest automotive multi-franchised and pre-owned dealership groups in the San Francisco Bay Area, Carnamic. Mr. Moussa has served as a director and in various executive management roles, including Chief Executive Officer, of the Carnamic group entities in the past five years. Mr. Moussa has also served as a senior advisor to Flux EV, Inc., dba Zevvy, an electric vehicle financing company, since June 2021. Mr. Moussa holds a Doctor of Education in Organizational Leadership and a Master of Science in Information Systems from the University of San Francisco, and a Bachelor of Science in Computer Science from the Lebanese American University. There are no family relationships between Mr. Moussa and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company. Mr. Moussa is not a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Pursuant to the employment agreement entered into between the Company and Mr. Moussa, dated June 9, 2023 (the "Employment Agreement"), Mr. Moussa will receive an annual base salary of $500,000. Mr. Moussa will also receive a signing bonus equal to $500,000, payable in two equal installments on the payroll dates immediately following June 9, 2023 and December 9, 2023, respectively, and subject to continued employment with the Company through each applicable payment date. Also pursuant to the Employment Agreement, Mr. Moussa will be granted an equity award (the "Employment Inducement Award") of 1,900,000 restricted stock units ("RSUs"), subject to approval by the Leadership Development, Compensation and Governance Committee of the Board of Directors. 950,000 RSUs will vest based on the passage of time ("Time RSUs") and 950,000 RSUs will vest based on the passage of time and achievement of certain performance metrics ("Performance RSUs"), in each case subject to continued employment through the applicable vesting date. 237,500 Time RSUs will vest on June 30, 2024 and the remaining Time RSUs will vest quarterly in equal installments over the following three years. 190,000 Performance RSUs will vest on December 31, 2023 subject to the achievement of a specified EBITDA metric. The remaining Performance RSUs will vest over calendar years 2024 through 2027 subject to the achievement of specified stock price metrics and certain minimum periods of service. The Company will grant the Employment Inducement Award outside of its equity incentive plans in accordance with Nasdaq Listing Rule 5635(c)(4). The foregoing description of the Employment Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Employment Agreement, a copy of which is filed hereto as Exhibit 10.1 and is incorporated herein by reference. Jeff Clementz Transition On the Transition Effective Date, Jeff Clementz transitioned from his role as Chief Executive Officer of the Company to serving as a strategic advisor to Mr. Moussa, the Board of Directors and the management team of the Company for a transition period. Also on the Transition Effective Date, Mr. Clementz resigned as a director of the Company. Mr. Clementz's transition is not the result of any disagreements over the Company's business, operations, or strategic direction.
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