Shift Technologies Appoints Retail Industry Veteran, Oded Shein, as Chief Financial Officer

Rhea-AI Summary

Shift (NASDAQ: SFT) announced the appointment of Oded Shein as its new Chief Financial Officer, effective upon the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Shein, previously CFO at Stage Stores, brings extensive public company experience. He replaces Cindy Hanford, who will assist in the transition until April 21, 2021. Shift's leadership anticipates Shein's financial expertise will enhance strategic execution and shareholder value following a record-breaking 2020.

Positive

• Appointment of Oded Shein as CFO expected to strengthen financial leadership.
• Shein brings extensive public company experience, enhancing strategic execution.

Negative

• Cindy Hanford's departure raises concerns about continuity in financial leadership.

SAN FRANCISCO, March 15, 2021 (GLOBE NEWSWIRE) -- Shift (NASDAQ: SFT), a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience, today announced the appointment of Oded Shein as the company’s Chief Financial Officer (CFO), responsible for all Finance, Accounting and Business Operations functions.

Mr. Shein has extensive public company experience in the retail industry. He served as CFO of Stage Stores for seven years and is presently a Board Member and Chair of the Audit Committee at Conn’s HomePlus. He has also served as CFO of The Fresh Market and in senior finance roles at Belk and Charming Shoppes. Mr. Shein will oversee a team led by other experienced finance professionals, including Controller and Senior Vice President Blima Tuller and Vice President of FP&A and Business Operations Julie Zarenko.

“We are very excited to have Oded join the organization as we continue to execute our strategy and build value for our customers, employees and shareholders,” said George Arison, Shift’s co-founder and co-CEO. “His extensive experience as a public company CFO, his financial expertise and his proven leadership qualities will be an invaluable addition to the team.”

“I am thrilled to be joining Shift after the record-breaking year they had in 2020, and I feel privileged to have this opportunity to serve Shift’s customers, teammates, community and shareholders,” said Mr. Shein.

Mr. Shein will be taking over for Cindy Hanford, who will be stepping down after serving as the finance leader at Shift since October 2019. Mr. Shein’s appointment will be effective upon the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Ms. Hanford will stay on as a consultant to Shift to assist with the transition through April 21, 2021.

“On behalf of our Board of Directors and everyone at Shift, I thank Cindy for her exceptional leadership and contribution as our CFO over the past year. She led our finance operation as we transitioned to a publicly held company and built a strong finance team. Cindy has made a valuable contribution to Shift, a foundation from which we build as we grow Shift” said Toby Russel, co-founder and co-CEO.

About Shift
Shift is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. Shift’s mission is to make car purchase and ownership simple — to make buying or selling a used car fun, fair, and accessible to everyone. Shift provides comprehensive, digital solutions throughout the car ownership lifecycle: finding the right car, having a test drive brought to you before buying the car, a seamless digitally-driven purchase transaction including financing and vehicle protection products, an efficient, digital trade-in/sale transaction, and a vision to provide high-value support services during car ownership. For more information please visit www.shift.com.

Investor Relations Contact:
Drew Haroldson, The Blueshirt Group
IR@shift.com

Media Contact:
Jeff Fox, The Blueshirt Group
jeff@blueshirtgroup.com

Source: Shift Technologies, Inc.

FAQ

What is the significance of Oded Shein's appointment as CFO for Shift?

Oded Shein's appointment is significant as it brings extensive public company experience to Shift, which is expected to enhance financial leadership and strategic execution.

How does the leadership change impact Shift's future?

The leadership change aims to build on Shift's successful 2020, with expectations of increased shareholder value under Shein’s financial expertise.

Who did Oded Shein replace as CFO at Shift?

Oded Shein replaced Cindy Hanford, who served as CFO since October 2019.

What was Cindy Hanford's role before stepping down?

Cindy Hanford led Shift's finance operations as the CFO and assisted in the company's transition to a publicly held entity.

When will Oded Shein officially take over as CFO?

Oded Shein will officially take over as CFO upon the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.