Getaround Appoints New Independent Directors to Its Board

Rhea-AI Summary

Getaround (NYSE: GETR) announced the appointment of three new independent directors to its Board of Directors, Nikul Patel, Neil Savage, and Qais Sharif. These individuals bring significant expertise in governance, strategy, and product development. The new directors meet the New York Stock Exchange's independent director standard, enhancing the Company's corporate governance.

Positive

• The addition of Nikul Patel, Neil Savage, and Qais Sharif to the Board of Directors brings extensive public company senior management experience to Getaround, strengthening the governance structure.

• The new directors join at a pivotal time for Getaround, aligning with recent management changes and a renewed focus on profitability, enhancing the company's strategic direction.

Negative

• None.

Nikul Patel, Neil Savage and Qais Sharif bring significant expertise in governance, strategy and product development

SAN FRANCISCO--(BUSINESS WIRE)-- Getaround (NYSE: GETR) (“Getaround'' or “the Company”), the world’s first connected carsharing marketplace, today announced three new additions to its Board of Directors. Nikul Patel, Neil Savage and Qais Sharif effective May 6, 2024. They will join existing directors Jason Mudrick, Bruno Bowden, Ravi Narula, Sam Zaid and Chief Executive Officer Eduardo Iniguez on the Board. All three bring extensive public company senior management experience to Getaround’s Board and meet the New York Stock Exchange’s independent director standard, strengthening the Company’s corporate governance.

“I am pleased to welcome Nikul, Neil and Qais to our Board after an extensive search process to identify candidates with a breadth of domain expertise, expansive networks and experience scaling businesses. Our new directors join us at a pivotal time for Getaround, complementing the recent management changes and renewed focus on profitability, ” said Jason Mudrick, Getaround’s Chairman of the Board.

Nikul Patel is the Founder and CEO of LoanGlide, Inc., an embedded financing platform for personal loans. Prior to LoanGlide, Mr. Patel held several senior management positions at LendingTree, Inc., including Chief Strategy Officer, Chief Operating Officer, and Chief Product Officer. Prior to joining LendingTree, Mr. Patel held various leadership positions at Bills.com, Inc. and Intel Corporation. Mr. Patel serves as a director of Data Axle, Inc., and Skyline Champion Corporation. He holds an MBA from the Wharton School of the University of Pennsylvania, an MS in Computer Engineering from Florida Atlantic University, and a BS in Electronics and Communication Engineering from Gujarat University.

Neil Savage served as Chief Revenue Officer and then President and Chief Operating Officer of LendingTree where he was responsible for overall company revenue and then management of the company’s day-to-day operations. Prior to LendingTree, he held senior roles at CBS Corporation, CityGrid Media, LLC, and YellowPages.com. He holds an MA in Computer Resources and Information Management from Webster University and a BS in Business Management from the University of South Carolina.

Qais Sharif has had a distinguished career building and bringing new technologies to worldwide markets. He has held various global management positions at Visteon Corporation, where he currently serves as Senior Vice President and General Manager of the Americas and Energy Storage Solutions. Prior to Visteon, he was Vice President, IT & Mobile USA Sales and Marketing, for LG Electronics Inc.’s consumer and automotive display markets. Previous to that, he held global senior leadership roles at TE Connectivity, Sharp Microelectronics and Toshiba. He holds a BS in Electrical Engineering from Southern Illinois University.

About Getaround

Offering a digital experience, Getaround (NYSE: GETR) makes sharing cars and trucks simple through its proprietary cloud and in-car Getaround Connect® technology. The company empowers consumers to shift away from car ownership through instant and convenient access to desirable, affordable, and safe cars from entrepreneurial hosts. Getaround’s on-demand technology enables a contactless experience — no waiting in line at a car rental facility, manually completing paperwork or meeting anyone to collect or drop off car keys. Getaround’s mission is to utilize its peer-to-peer marketplace to help solve some of the most pressing challenges facing the world today, including environmental sustainability and access to economic opportunity. Launched in 2011, Getaround is available today in more than 1,000 cities across 8 countries including the United States and Europe. For more information, please visit https://www.getaround.com/.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally relate to future events, such as statements by Getaround’s chairman, Jason Mudrick, statements regarding the Company’s financial discipline and operational execution, the Company achieving profitable growth, its expected performance, its “path to profitability”, and “sustainable growth”. In some cases, you can identify forward-looking statements by terminology such as “intends,” “plans,” and “will,” or the negative of these terms or variations of them or similar terminology. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, many of which are beyond our control, including the Company’s ability to continue to comply with applicable listing standards of the NYSE; and the other factors under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on November 16, 2023, and in other filings that the Company has made and may make with the SEC in the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or our business or operations. Such statements are not intended to be a guarantee of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240510323931/en/

Investors:

investors@getaround.com

Media:

press@getaround.com

Source: Getaround

FAQ

Who are the new independent directors appointed to Getaround's Board of Directors?

The new independent directors appointed to Getaround's Board are Nikul Patel, Neil Savage, and Qais Sharif.

When will the new directors be effective in their roles at Getaround?

The new directors, Nikul Patel, Neil Savage, and Qais Sharif, will be effective in their roles at Getaround starting May 6, 2024.

What expertise do the new directors bring to Getaround's Board?

The new directors bring significant expertise in governance, strategy, and product development to Getaround's Board of Directors.

What is the stock symbol for Getaround?

The stock symbol for Getaround is GETR.