- Push-out Score determined
- After almost 12 years in the position
- Accolades and praise for Hallett
- Peter Kelly taking over
- Hallett will remain as executive chairman at KAR Auction
- Hallett said 100 words
(exechange) — Carmel, Indiana, March 2, 2021 — Jim Hallett, chief executive of KAR Auction, leaves his position. As announced by KAR Auction Services Inc. in a news release and in a regulatory filing published on Tuesday, March 2, 2021, James P. (Jim) Hallett leaves his post as chief executive officer at the operator of digital marketplaces for wholesale used vehicles after almost 12 years in the role, effective April 1, 2021.
Jim Hallett’s duties as CEO will be taken over by Peter Kelly, currently president of KAR Auction Services Inc.
KAR Auction Services, Inc. is doing business as KAR Global.
“The perfect choice”
KAR Auction did not give an explicit reason for Jim Hallett’s departure from the CEO post, leaving room for speculation. Hallett said: “Peter is a bold, decisive leader with a track record of building high-performing teams, and his entrepreneurial mindset makes him the perfect choice for our people and for KAR’s future.”
Hallett will remain as executive chairman at KAR Auction
“Hallett will become executive chairman of KAR Global and continue to advise the company on strategic and customer and investor relations matters. Hallett will continue serving as Chairman of the KAR Global Board of Directors, with Kelly being named as a new director beginning April 1, 2021,” KAR Auction said.
KAR Auction said: “Kelly has served as KAR Global’s president since 2019 and succeeds Jim Hallett who has led the company as CEO since 2009 and became Chairman in 2014.”
Share price decline since March 2018
The announcement follows a decline in KAR Auction Services Inc.’s share price of 30% since March 2018.
In the position of CEO since 2009
Jim Hallett became CEO of the Company in 2009.
His bio reads as follows:
- Chairman of the Company since December 2014 and Chief Executive Officer since September 2009.
- Chief Executive Officer and President of ADESA from April 2007 to September 2009, a wholly owned subsidiary of the Company.
- President of Columbus Fair Auto Auction, a large independent automobile auction located in Columbus, Ohio, from May 2005 to April 2007.
- After selling his auctions to ADESA in 1996, Hallett held various senior executive leadership positions with ADESA between 1996 and 2005, including President and Chief Executive Officer of ADESA.
- Founded and owned two automobile auctions in Canada from 1990 to 1996.
- Graduate of Algonquin College.
- Managed and then owned a number of new car franchise dealerships for 15 years.
- Winner of multiple industry awards, including NAAA Pioneer of the Year in 2008 and the Ed Bobit Industry Icon award in 2018.
- Recognized as the EY Entrepreneur of the Year 2014 National Services Award Winner and one of Northwood University’s 2015 Outstanding Business Leaders.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jim Hallett’s move on a scale of 0 to 10.
exechange reached out to KAR Auction and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2021 ($).