- Push-out Score determined
- After about four years in the position
- Accolades, praise and thanks for Russell
- Dual Chief Executive Officer role eliminated
- George Arison becomes sole Chief Executive Officer
- Russell said 113 words
(exechange) — San Francisco, California, November 4, 2021 — Toby Russell, co-chief executive of Shift, leaves. As announced by Shift Technologies Inc. in a news release on Thursday, November 4, 2021, Tobias (Toby) Russell leaves his post as co-chief executive officer at the automotive ecommerce company, after about four years in the role, effective February 1, 2022.
Shift eliminates the dual Chief Executive Officer role. George Arison will be sole Chief Executive Officer.
“Allowing me to focus on my family”
Toby Russell’s departure from the Co-CEO post is explained as follows. Russell said: “This is the right time for me to transition to a Board and advisory role, allowing me to focus on my family, bringing my two daughters — who currently live on opposite coasts — together back in Virginia.”
Precise information regarding Toby Russell’s future plans was not immediately available.
Shift said: “Toby Russell will be stepping down as Co-CEO on Feb. 1, 2022.”
Shift further said: “As of Nov. 4, 2021, the majority of Russell’s day-to-day operational responsibilities are transitioning to Shift’s President, Jeff Clementz, who joined the company on Oct. 1, 2021 after a long career at Walmart and PayPal, and who reports to Arison.”
Share price decline since November 2020
The announcement follows a decline in Shift Technologies Inc.’s share price of 16% since November 2020.
In the position of CEO since 2017
Toby Russell became CEO of the Company in 2017.
Russell will continue to serve on the company’s Board of Directors and as Strategic Advisor to the company following his transition.
Russell serves as the Company’s Co-Chief Executive Officer and President and has served as a director of the Company since October 2020.
Russell is a co-founder and director of Shift Platform, Inc. and has been employed by Shift Platform, Inc. since November 2015, currently serving as its Co-Chief Executive Officer.
Prior to joining Shift Platform, Inc., he was Managing Vice President at Capital One from 2011 to 2015 where he led the digital transformation of the bank, including creating a completely new mobile and desktop customer experience for customers.
In 2007, he co-founded Taxi Magic (now known as Curb) with Arison, which invented the use of native mobile applications for on-demand services, in its case transportation.
In addition to his work in the private sector, Russell has spent time in public service, leading a $12 billion renewable energy and efficiency investment program for the U.S. Department of Energy.
After finishing his Doctorate at Oxford University, he worked as a project leader at the Boston Consulting Group.
Russell holds a bachelor’s degree from Middlebury College.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Toby Russell’s move on a scale of 0 to 10.
exechange reached out to Shift and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2021 ($).