Moov Expands Leadership Team with Head of Operations and Head of Legal & Corporate Development

Rhea-AI Summary

Moov Technologies has announced two key appointments: Rajiv Chegu as Head of Operations and Andrew Wolstan as Head of Legal & Corporate Development. Chegu will support CEO Steve Zhou in managing company operations, while Wolstan brings valuable IPO experience from his tenure at Canoo (GOEV). These hires aim to bolster Moov's leadership in the second-hand semiconductor manufacturing equipment market, with plans to expand its workforce by 300% in 2022, targeting over 150 employees by year-end.

Positive

• Attraction of high-caliber executives strengthens leadership.
• Plans to increase workforce by 300%, enhancing operational capacity.
• Location in Tempe solidifies presence in a growing semiconductor hub.

Negative

• Potential continuity concerns with new leadership.
• Experience gaps in the executive team could pose challenges.

• Head of Operations Rajiv Chegu will assist Moov co-founder and CEO Steve Zhou with running company operations from people to processes to strategy

• Head of Legal & Corporate Development Andrew Wolstan co-founded Canoo, an electric-vehicle company he helped take public

• Top talent joining Moov further validates company as leader in second-hand semiconductor manufacturing equipment sector

TEMPE, Ariz. & AUSTIN, Texas--(BUSINESS WIRE)-- Moov, a data-fueled marketplace for used semiconductor manufacturing equipment, today announced Rajiv Chegu as the company’s head of operations and Andrew Wolstan as the company’s head of legal & corporate development.

Andrew Wolstan, Head of Legal & Corporate Development at Moov (Photo: Business Wire)

Chegu and Wolstan join an executive team that comprises co-founder and CEO Steve Zhou, co-founder and Managing Director Maxam Yeung, Head of Technology Nick Griffith, Head of Finance James Qiu, and Head of Customer Success Raymond Mahon.

In addition to expanding headcount, Moov also recently announced the location of its new headquarters in the 100 Mill building in Tempe, Arizona. The company will command the 16^th floor, spanning about 32,000 square feet, at 100 Mill. The 18-story tower is among the most premier commercial real estate locations in Greater Phoenix. Amazon and Deloitte also are building tenants.

“Rajiv will assist me with running the gamut of company operations: people, processes and strategy,” Zhou said. “His contributions will be integral to allowing Moov to innovate, and expand our product suite and market share. Andrew will be key to Moov’s growth, possessing ‘been-there-done-that’ legal experience that includes founding a tech company and taking it through the IPO. We will rely on his expertise to secure favorable agreements with customers where everyone wins.”

Chegu will be based at Moov’s HQ2 in Austin, Texas. He most recently served as senior vice president of growth operations at Serent Capital, a leading private equity firm focused on middle-market, business-to-business software-as-a-service companies. Previously, Chegu was senior vice president of strategy and new business at market-intelligence provider CB Insights, where he served as interim head of product, and led multiple teams across corporate development, global data operations and new business incubation. Prior to CB Insights, Chegu was a principal with Boston Consulting Group, working on strategy and operations for clients across industrial goods and growth technology.

Wolstan, an attorney with broad-based legal and corporate development experience will be based in Los Angeles. He previously was with Canoo (Nasdaq: GOEV), a Texas-based electric-vehicle manufacturer that he co-founded in 2017, and where he served as general counsel. At Canoo, he was instrumental in taking the company from its formation through its public listing. Wolstan’s experience includes a specialization in mergers and acquisitions at the law firms of Simpson Thacher & Bartlett and Munger Tolles & Olson. He also served as senior corporate counsel at California-headquartered electric-vehicle manufacturer Faraday Future (Nasdaq: FFIE).

“Rajiv and Andrew joining Moov demonstrates the company’s continued ability to attract world-class talent,” Zhou said. “These hires will allow us to remain laser-focused on delivering value and innovation to our customers. Our people are what drive Moov’s accelerating growth.”

Market Demand Fueling Headcount Growth and Geographic Expansion

Moov’s new headquarters also sets the stage for the company’s plan to increase its headcount by about 300% in 2022. Moov will employ more than 150 total employees by the end of this year. About three-quarters of the new hires will be based in Greater Phoenix.

The region has become a burgeoning national semiconductor hub, attracting billions of investment dollars in recent months.

A growing urgency has pervaded the sector, due to the increasing shortage of new manufacturing equipment. Lead times on some types of equipment can exceed a year. Chip shortages are expected to spur a 10% increase in expenditure on semiconductor equipment in 2022, surpassing $100 billion, according to the industry trade group SEMI.

About Moov Technologies Inc.

Headquartered in Tempe, Arizona, and Austin, Texas, Moov is a technology-driven marketplace and asset management platform that matches buyers and sellers of pre-owned semiconductor manufacturing equipment. Built by a team with more than 50 years of experience in the manufacturing equipment brokerage industry, Moov’s platform ensures accurate listings and faster transactions. CEO Steven Zhou and Managing Director Maxam Yeung co-founded the company in 2017. Moov employs more than 50 people, and also boasts a presence in San Francisco; Austin; Shanghai, China; and Taipei, Taiwan. To learn more, please visit Moov.co.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220419005048/en/

Treble

Lindsly Penny

moov@treblepr.com

Source: Moov Technologies Inc.

FAQ

Who has been appointed as Head of Operations at Moov?

Rajiv Chegu has been appointed as Head of Operations at Moov.

What experience does Andrew Wolstan bring to Moov?

Andrew Wolstan co-founded Canoo and has extensive legal and corporate development experience.

What are Moov's plans for workforce growth in 2022?

Moov plans to increase its workforce by 300%, targeting over 150 employees by the end of 2022.

How will the new headquarters benefit Moov?

The new headquarters in Tempe, Arizona, will accommodate the company's growth and expansion plans.

What is the significance of Moov's leadership changes?

The leadership changes reflect Moov's strategy to enhance innovation and operational efficiency.