Duncan Tatton-Brown to Join Cazoo Board

Rhea-AI Summary

Cazoo has announced that Duncan Tatton-Brown will join its Board as a Non-Executive Director following its $7 billion business combination with AJAX I (NYSE: AJAX). Duncan, who brings extensive experience from his tenure as CFO at Ocado Group Plc, will also serve as Senior Independent Director and Audit Committee Chair. Cazoo, a pioneer in online car retailing, has sold over 20,000 cars since its inception in 2018. The business combination is expected to conclude in Q3, enhancing Cazoo’s digital transformation in the large European used car market valued over $700 billion.

Positive

• Duncan Tatton-Brown's appointment as a Non-Executive Director is expected to enhance Cazoo's leadership, leveraging his extensive experience in consumer-facing businesses.
• Cazoo is positioned as a leading online car retailer in the UK and is expanding its presence in Europe, with over 20,000 cars sold since 2018.
• The $7 billion business combination with AJAX I is anticipated to provide significant capital for Cazoo’s growth and expansion.

Negative

• None.

Cazoo, the UK’s leading online car retailer, which makes buying your next car as simple and seamless as purchasing any other product online, has today announced that Duncan Tatton-Brown will be joining the Cazoo Board as a Non-Executive Director, following completion of its business combination with AJAX I (NYSE: AJAX).

Duncan Tatton-Brown

Duncan was most recently Chief Financial Officer of Ocado Group Plc from 2012 until 2020 where he remains a Senior Advisor to the Board. Prior to joining Ocado, he has held the Chief Financial Officer roles at Fitness First Plc, Kingfisher Plc, B&Q Plc and Virgin Entertainment Group.

Duncan will become Senior Independent Director and Audit Committee Chair at Cazoo. He currently serves on the Board of Trainline Plc and was formerly a Non-Executive Director at ZPG Plc and Rentokil Initial Plc. Duncan holds a master’s degree in Engineering from King’s College, Cambridge.

Cazoo recently announced it will list on the NYSE through a $7.0 billion business combination with AJAX I, a publicly traded special purpose acquisition company founded by renowned US investor Dan Och. The transaction is expected to complete in Q3 this year when Duncan will take up his role on the Cazoo Board.

Cazoo is pioneering the shift to online car buying in Europe and since being founded in 2018, has sold over 20,000 cars to consumers across the UK who have embraced the selection, transparency and convenience of buying quality used cars entirely online.

Cazoo owns and reconditions all its cars before offering them for sale on its website for either delivery or collection in as little as 72 hours. Already the leading online car retailer in the UK, Cazoo is also Europe’s leading car subscription player with over 6,000 subscribers across the UK, France and Germany.

Other Cazoo Board members following transaction closing will include Alex Chesterman OBE (Chair & CEO), Stephen Morana (CFO), Dan Och (Non-Executive Director), Viscount Rothermere (Non-Executive Director) and David Hobbs (Non-Executive Director).

Alex Chesterman OBE, Founder & CEO of Cazoo said, “I am delighted that Duncan will be joining the Cazoo Board once we become listed on the NYSE. His experience in helping to build large consumer-facing businesses over many years will be invaluable as we continue to transform the car buying experience for consumers across the UK and Europe.”

Duncan Tatton-Brown said, “I am really excited to be joining the Cazoo Board and to be working with Alex and his team. There are some very clear parallels with my other recent experiences and I am looking forward to helping shape Cazoo’s mission to digitally disrupt one of the largest retail markets in Europe, used cars, worth over $700bn annually.”

About Cazoo - www.cazoo.co.uk
Cazoo’s mission is to transform the car buying experience for consumers across Europe by providing better selection, quality, transparency, convenience and peace of mind. Cazoo aims to make buying a car no different to any other product online today, where consumers can simply and seamlessly purchase, finance or subscribe to a car entirely online for either delivery or collection in as little as 72 hours. Cazoo was founded in 2018 by serial entrepreneur Alex Chesterman OBE, has a highly experienced management team and is backed by some of the leading global technology investors.

About AJAX - www.ajaxcap.com
AJAX is a blank check company whose purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. AJAX was founded by renowned US investor Dan Och in partnership with Glenn Fuhrman and strategic advisors including Steve Ells (founder, Chipotle), Jim McKelvey (co-founder, Square), Kevin Systrom (co-founder, Instagram) and Anne Wojcicki (co-founder, 23andMe).

View source version on businesswire.com: https://www.businesswire.com/news/home/20210415005155/en/

FAQ

What is Cazoo's business strategy after the AJAX combination?

Cazoo aims to enhance its online car buying platform, providing a seamless experience for consumers across Europe.

Who is Duncan Tatton-Brown and what role will he serve at Cazoo?

Duncan Tatton-Brown will be a Non-Executive Director and will also act as Senior Independent Director and Audit Committee Chair.

What is the significance of the $7 billion merger with AJAX I for Cazoo?

The merger is expected to provide Cazoo with substantial capital to accelerate its growth in the online car retail market.

When is the expected completion date of the AJAX business combination with Cazoo?

The transaction is expected to complete in the third quarter of this year.

How many cars has Cazoo sold since its founding?

Cazoo has sold over 20,000 cars since its establishment in 2018.