June 25, 2024

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Why Toby Russell is stepping aside as co-CEO of Shift

Toby Russell will action down as co-CEO of Shift on Feb. one, with strategies to invest far more time with relatives.

Russell, who served located the firm in 2013, will continue to be on the board of directors and act as a strategic adviser right after the transition, Shift introduced last week.

George Arison, the other co-CEO, will turn out to be the sole main executive. Most of Russell’s day-to-day operational obligations are transitioning to Shift President Jeff Clementz.

Russell joined the firm comprehensive time in 2015 and subsequently overhauled and repositioned the enterprise to what Shift explained is a sustainable and scalable progress trajectory.

Shift went public in Oct 2020. It was riding a wave of trader desire in applied vehicle current market disrupters these types of as Carvana, even though Russell told Automotive News in the preceding months that heading public had prolonged been a intention for the firm.

Russell explained in a assertion last week that it was the “proper time” for him to transfer to an advisory role, declaring it would let him to target on his relatives.

“It has been an amazing journey to get Shift from an notion to a publicly traded eCommerce leader,” Russell explained. “Immediately after top 6 straight a long time of progress, I couldn’t be far more proud of the firm we have built and the team we have assembled.”