Moni Mannings to Join Cazoo Board

Rhea-AI Summary

Cazoo, a leading online car retailer in the UK, has announced the appointment of Moni Mannings as a Non-Executive Director and Chair of the Remuneration Committee following its business combination with AJAX (NYSE: AJAX). Cazoo's $7 billion merger transaction is expected to finalize in Q3. Moni brings extensive experience from her roles in other prominent companies, including Hargreaves Lansdown and easyJet. Since its inception in 2018, Cazoo has sold over 20,000 cars online, simplifying the car buying process with a commitment to quality and convenience.

Positive

• Appointment of Moni Mannings as Non-Executive Director and Chair of Remuneration Committee enhances Cazoo's Board expertise.
• Expected completion of $7 billion business combination with AJAX in Q3 2021 bolsters market position.
• Cazoo leads the UK online car retail market and has sold over 20,000 cars since 2018.

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 Moni Mannings will be joining its Board as a Non-Executive Director and Chair of Remuneration Committee, following completion of its business combination with AJAX I (NYSE: AJAX).

Moni Mannings (Photo: Business Wire)

Moni is a qualified solicitor and currently sits on the Boards of Hargreaves Lansdown PLC, easyJet PLC and Investec Bank. She is also the Deputy Chair of UK’s oldest and largest children’s charity, Barnardo’s. From 2000 until 2016, Moni was a Partner at Olswang LLP, before which she held senior positions with Dewey Ballantine LLP, Simmons & Simmons and Clifford Chance LLP.

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 Moni will take up her 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 the transaction closing will include Alex Chesterman OBE (Chair & CEO), Stephen Morana (CFO), Duncan Tatton-Brown (Audit Chair), Dan Och (Non-Exec), Viscount Rothermere (Non-Exec), David Hobbs (Non-Exec) and Anne Wojcicki (Non-Exec).

Alex Chesterman OBE, Founder & CEO of Cazoo said, “I am delighted that Moni will be joining the Cazoo Board once we become listed on the NYSE. Her extensive Board experience at large consumer facing, publicly listed businesses will be a great asset to us as we continue to transform the car buying experience for consumers across the UK and Europe.”

Moni Mannings said, “I am excited to be joining the Cazoo Board. What Alex and his team have achieved so far is very impressive and the opportunities ahead for Cazoo are enormous. I am looking forward to helping to shape and be part of Cazoo’s mission to offer the best possible car buying experience to customers across the UK and Europe.”

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/20210426005080/en/

FAQ

When will Cazoo's business combination with AJAX be completed?

Cazoo's business combination with AJAX is expected to complete in Q3 2021.

Who is Moni Mannings in relation to Cazoo?

Moni Mannings has been appointed as a Non-Executive Director and Chair of the Remuneration Committee at Cazoo.

What is the significance of Cazoo's merger with AJAX?

The merger with AJAX, valued at $7 billion, is expected to enhance Cazoo's market presence and facilitate its growth in the online car retail sector.

How many cars has Cazoo sold since its launch?

Since its launch in 2018, Cazoo has sold over 20,000 cars to consumers across the UK.

What is Cazoo's business model?

Cazoo aims to simplify car buying by providing an online platform that allows customers to purchase, finance, or subscribe to cars for delivery or collection within 72 hours.