Vroom Announces Appointment of Tom Shortt as CEO
May 09 2022 - 4:30PM
Business Wire
Robert Mylod to become Independent Executive
Chair
Vroom, Inc. (Nasdaq: VRM), a leading e-commerce platform for
buying and selling used vehicles, today announced that its Board of
Directors has appointed Tom Shortt, who previously served as the
Company’s Chief Operating Officer, as Chief Executive Officer and a
member of Vroom’s Board of Directors, effective immediately. He
succeeds Paul Hennessy, who has stepped down to pursue other
opportunities. Robert Mylod, the current Board Chair, will become
Independent Executive Chair of the Board.
Mr. Mylod said: “today's announcement is the culmination of a
thoughtful succession planning process by the Board to ensure
continuity of leadership while positioning Vroom for long-term
success. I would like to thank Paul for his many years of service
at Vroom. During his time as CEO, Paul oversaw Vroom’s transition
from a start-up to one of the largest auto retailers in the United
States. While doing so, he recruited and cultivated an outstanding
management team—including Tom Shortt—that is now ready to lead
Vroom for years to come. I am grateful for his leadership and his
friendship.”
“Tom Shortt is a transformational leader who has already made a
huge impact on our business and operations since he joined Vroom in
January,” continued Mr. Mylod. “He has used his substantial
experience in business transformation, supply chain management, and
data analytics to address our immediate operational challenges and
improve our business processes. He is now relentlessly focused on
putting Vroom on a path that will yield significant operating
efficiencies through increased automation. He is absolutely the
right person at the right time to take the wheel at Vroom and drive
us towards profitable growth and shareholder value creation. I
could not be more excited to be in a position to help Tom achieve
these critical goals.”
“I am humbled to step into the position of CEO at this important
time and even more excited about the opportunity at Vroom than I
was when I joined the Company,” said Mr. Shortt. “With our
realigned business strategy, our dedicated and talented Vroommates
and our commitment to delivering an exceptional customer
experience, Vroom is poised for long-term success.”
About Vroom (Nasdaq: VRM)
Vroom is an innovative, end-to-end ecommerce platform that
offers a better way to buy and a better way to sell used vehicles.
The Company's scalable, data-driven technology brings all phases of
the vehicle buying and selling process to consumers wherever they
are and offers an extensive selection of vehicles, transparent
pricing, competitive financing, and contact-free, at-home pick-up
and delivery.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding our expectations regarding our business strategy and
plans, our future operating results and financial position, our
profitability, market growth, our objectives for future operations,
the composition of our board of directors, and changes to our
leadership team. These statements are based on management’s current
assumptions and are neither promises nor guarantees, but involve
known and unknown risks, uncertainties and other important factors
that may cause our actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. For factors that could cause actual results to differ
materially from the forward-looking statements in this press
release, please see the risks and uncertainties identified under
the heading "Risk Factors" in our Annual Report on Form 10-K for
year ended December 31, 2021 as updated by our Quarterly Report on
Form 10-Q for the quarter ended March 31, 2022, which are available
on our Investor Relations website at ir.vroom.com and on the SEC
website at www.sec.gov. All forward-looking statements reflect our
beliefs and assumptions only as of the date of this press release.
We undertake no obligation to update forward-looking statements to
reflect future events or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20220509006095/en/
Investor Relations: Vroom Liam Harrington
investors@vroom.com
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