x

Posted 25 July, 2023

SHIFT TECHNOLOGIES, INC. appointed new CEO

CEO Change detected for ticker Nasdaq:SFT in a 8-K filed on 25 July, 2023.


  As previously announced on June 14, 2023, Shift Technologies, Inc. (the "Company") implemented an executive leadership succession plan in connection with the transition of Jeff Clementz from the Company as its Chief Executive Officer, effective June 9, 2023 (the "Transition Effective Date").  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
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
Relevant filing section
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.


Clementz Transition and Separation Agreement


As previously announced on June 14, 2023, Shift Technologies, Inc. (the "Company") implemented an executive leadership succession plan in connection with the transition of Jeff Clementz from the Company as its Chief Executive Officer, effective June 9, 2023 (the "Transition Effective Date"). Mr. Clementz also resigned from the Board of Directors (the "Board") of the Company on the Transition Effective Date. In order to ensure an orderly transition of responsibilities, Mr. Clementz continued to be employed in a non-executive capacity with the Company through July 1, 2023 (the "Separation Date").


In connection with his transition from employment with the Company, the Company and Mr. Clementz entered into a Transition and Separation Agreement (the "Agreement") on July 21, 2023 that reflects the terms of his transition and the benefits he is eligible to receive. The Agreement becomes effective and enforceable on July 29, 2023 (the "Effective Date") unless revoked in writing by Mr. Clementz prior to the Effective Date. Pursuant to the Agreement, and in lieu of all severance benefits otherwise provided for under Mr. Clementz's prior employment agreement with the Company, Mr. Clementz will be entitled to receive the following benefits: (i) a cash payment equal to $400,000, payable in a single lump sum within thirty (30) days following the Effective Date, (ii) payment of his 2023 annual bonus (if any), prorated for the number of days employed by the Company in 2023 and determined based on actual performance (with any personal goals considered to be fulfilled), and payable at such time that annual bonuses are otherwise generally paid to employees of the Company and (iii) payment of COBRA premiums for eighteen (18) months following the Separation Date (to the extent Mr. Clementz elects COBRA continuation coverage), less amounts equal to the amount active employees pay for such coverage during such time period, and subject to reduction or elimination if Mr. Clementz becomes entitled to duplicative benefits through other employment. The Agreement also provides that Mr. Clementz will make himself available to members of the Company's senior management team through August 31, 2023 (the "Transition Period").


In addition, the Agreement contains a general waiver and release of claims by Mr. Clementz in favor of the Company. Mr. Clementz will be subject to certain restrictive covenants following his termination of employment with the Company, including during the Transition Period.


Mr. Clementz's transition is not the result of any disagreements over the Company's business, operations, or strategic direction.


The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the full text of such Agreement, a copy of which is filed hereto as Exhibit 10.1 and is incorporated herein by reference.