DALLAS, March 11,
2024 /PRNewswire/ -- Copart, Inc. (NASDAQ: CPRT)
today announced that its Board of Directors has appointed
Jeff Liaw as the company's sole
Chief Executive Officer (CEO) and as a member of the Board of
Directors. Mr. Liaw has been serving as Co-CEO since March 2022. In addition, Jay Adair, who served as the Company's CEO from
February 2010 to February 2022 and as Co-CEO along with Mr. Liaw
since March 2022 will step down from
that role. In addition, the Board of Directors has appointed Mr.
Adair as Executive Chairman, and he will remain an active executive
officer of the company in that capacity. The above changes are
effective April 1, 2024.
Mr. Liaw joined Copart in 2016 as Chief Financial Officer (CFO)
and was promoted to President in 2019. Mr. Liaw was named Copart's
CEO North America in February of 2021 and Co-CEO in March of 2022.
Prior to joining Copart, Mr. Liaw served as the CFO of FleetPride,
Inc. and as a principal of TPG Capital Management, L.P., a private
equity firm. He earned a B.A. and B.B.A. from the University of Texas, and an M.B.A. from
Harvard.
Commenting on Jeff's appointment, Willis
Johnson, who will remain Chairman of the Board of Directors,
said: "Today's appointment of Jeff as CEO recognizes his
significant contributions to Copart over the last eight years and
the board's confidence in him to lead Copart into the future. Jay's
thoughtful succession planning has positioned Copart to seamlessly
transition leadership responsibilities, while continuing our
tireless pursuit of delivering outstanding outcomes to our
customers."
Mr. Adair added, "I congratulate Jeff on his continued success
in leading Copart. Jeff thinks like a founder, and I have no doubt
he will continue to grow Copart in the years ahead with a profound
focus on our customers and employees."
About Copart
Copart, Inc., founded in 1982, is a global leader in online
vehicle auctions. Copart's innovative technology and online auction
platforms link sellers to more than 750,000 members in over 190
countries. Copart offers services to process and sell vehicles to
dealers, dismantlers, rebuilders, exporters, and to the general
public. Copart sells vehicles on behalf of insurance companies,
banks, finance companies, charities, fleet operators, dealers,
vehicle rental companies, and individuals. With operations at over
250 locations in 11 countries, Copart has more than 265,000
vehicles available online every day. Copart currently operates in
the United States (Copart.com),
Canada (Copart.ca), the
United Kingdom (Copart.co.uk),
Brazil (Copart.com.br), the
Republic of Ireland (Copart.ie),
Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es). For more information, or to
become a Member, visit Copart.com/Register.
Cautionary Note About Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of federal securities laws. These forward-looking
statements are subject to substantial risks and uncertainties.
These forward-looking statements are subject to certain risks,
trends and uncertainties that could cause actual results to differ
materially from those projected or implied by our statements and
comments. For a more complete discussion of the risks that could
affect our business, please review the "Management's Discussion and
Analysis" and the other risks identified in Copart's latest Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current
Reports on Form 8-K, as filed with the Securities and Exchange
Commission. We encourage investors to review these disclosures
carefully. We do not undertake to update any forward-looking
statement that may be made from time to time on our behalf.
Contact
Brooke Boston
Executive Assistant, Office of the Chief Financial Officer
brooke.boston@copart.com
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SOURCE Copart, Inc.