CarLotz Nominates Four New Members to Its Board of Directors

Rhea-AI Summary

CarLotz, a consignment-to-retail used vehicle marketplace, is set to go public through a merger with Acamar Partners Acquisition Corp. (Nasdaq: ACAM). The company has nominated four new members to its Board of Directors: Linda Abraham, Sarah Kauss, Kimberly Sheehy, and James Skinner, effective upon the merger's closing. Their varied expertise spans technology, consumer products, and finance, enhancing CarLotz’s strategic direction as it embarks on a national expansion plan.

Positive

• Nominated board members bring extensive industry experience, valuable for CarLotz's strategic growth.
• The diverse skill set of the new board members supports CarLotz’s ambitious national expansion.

Negative

• Concerns about continuity in leadership experience as new members are integrated.

CarLotz, Inc., (“CarLotz” or the “Company”), a leading consignment-to-retail used vehicle marketplace, which recently announced it would become a public company via a merger with special purpose acquisition company Acamar Partners Acquisition Corp. (“Acamar Partners”) (Nasdaq: ACAM), announced today that Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner have been nominated to its Board of Directors, effective at the closing of the business combination transaction.

“Linda, Sarah, Kimberly and James are all pioneers in their industries and bring a wide diversity of thinking and experience to CarLotz. We look forward to their energy, passion and wisdom as we continue our rapid growth,” said Michael Bor, Chairperson, CEO and co-founder of CarLotz, “Like them, we are disruptors in an established category. We have an ambitious national expansion plan and their combined experience will be invaluable. On behalf of all of us here at CarLotz, I am pleased to extend a warm welcome to Linda, Sarah, Kimberly and James to our Board of Directors.”

Linda Abraham, currently Managing Director of Crimson Capital, invests in and advises early stage technology companies, and brings extensive strategy and growth experience to the CarLotz board. Prior to Crimson, Linda co-founded comScore, a global leader in digital measurement and analytics, where she served in a variety of leadership roles helping to grow the company to 32 offices in 23 countries before it went public in 2007. She also co-founded Paragren Technologies, which was later acquired by Oracle. Linda serves on the board of multiple companies spanning public, private, and non-profit sectors. Among these companies are Site Centers, Tiger 21, Upskill, Zum, and Humanest. Additionally, she serves on the board of the School of Data Science at the University of Virginia, and is a 2020-2021 Fellow in the Stanford Distinguished Careers Institute. She will now be bringing this vast experience in technology and business leadership to the CarLotz Board of Directors. On the CarLotz board, Linda will serve as the Chair of the Compensation Committee.

Sarah Kauss, Founder and Chairwoman of S’well, brings extensive experience as a consumer products leader with a proven track record of launching companies, building multi-million dollar brands, and assembling high-performance leadership teams. Sarah previously held the position of CEO at S’well for 10 years, where she turned $30K of bootstrap funding from her savings into over $100M in revenue. Before her time at S’well, Sarah worked in international real estate development and accounting, accumulating years of experience leading international collaboration and partnerships, as well as providing professional services to public and privately held companies in the technology, consumer products, and media sectors. Sarah has been recognized as a Fortune’s “40 Under 40” honoree, EY Entrepreneurial Winning Woman, and was awarded the Harvard Business School of New York’s Entrepreneurship Award. On the CarLotz board, Sarah will be a member of the Audit and Compensation Committees.

Kimberly Sheehy brings decades of financial and advisory experience to the CarLotz board. Most recently, she was Chief Financial Officer of ResMan LLC, a privately owned software company providing software solutions to multi-family residential property managers. Previously, she served as CFO of Lori’s Gifts, a privately owned retail company serving hospitals throughout the United States. Ms. Sheehy previously served as Chief Financial & Administrative Officer of CyrusOne Inc., a public high-growth real estate investment trust specializing in engineering, building and managing data center properties. She also held senior roles at Cincinnati Bell Inc. and Ernst & Young. Kimberly’s achievements have been honored with several awards, including Dallas Business Journal’s CFO of the Year and Cincinnati’s One Hundred Wise Women program. For the past three years, Kimberly has served as an independent board member and as Audit Committee Chair for Switch Inc. On the CarLotz board,

FAQ

What is the significance of CarLotz merging with Acamar Partners Acquisition Corp. (ACAM)?

The merger will enable CarLotz to become a publicly traded company, providing access to capital for growth.

Who are the newly nominated board members for CarLotz?

The new board members are Linda Abraham, Sarah Kauss, Kimberly Sheehy, and James Skinner.

What experience do the new board members bring to CarLotz?

They bring diverse backgrounds in technology, consumer products, and finance, which are crucial for CarLotz's growth strategy.

What roles will the new board members play at CarLotz?

Linda Abraham will chair the Compensation Committee; Sarah Kauss will serve on Audit and Compensation Committees; Kimberly Sheehy brings financial expertise.

How does the board restructuring affect CarLotz's future?

The fresh perspectives from the new board members are aimed at bolstering CarLotz's rapid growth and expansion plans.