- Push-out Score determined
- After 11 years in the position
- Praise and thanks for Bor
- Lev Peker taking over
(exechange) — Richmond, Virginia, March 15, 2022 — Michael Bor, chief executive of CarLotz, leaves. As announced by CarLotz Inc. in a news release and in a regulatory filing published on Tuesday, March 15, 2022, Michael W. Bor leaves his post as chief executive officer at the consignment-to-retail used vehicle marketplace, after 11 years in the role, effective March 16, 2022.
Michael Bor’s duties as CEO will be taken over by Lev Peker, most recently Chief Executive Officer at CarParts.com Inc.
The fact that Michael Bor’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
No reason given
In the announcement, CarLotz did not explicitly explain the reason for the move.
Precise information regarding Michael Bor’s future plans was not immediately available.
“Cease to be the Company’s Chief Executive Officer”
CarLotz said: “Michael Bor will cease to be the Company’s Chief Executive Officer and a member of the Board of Directors effective as of March 16, 2022.”
Share price decline since March 2021
The announcement follows a decline in CarLotz Inc.’s share price of 84% since March 2021.
In the position of CEO since 2011
Michael Bor became CEO of the Company in 2011.
Luis Ignacio Solorzano Aizpuru, who has served as a member of the Board since 2018 and is a member of the Compensation and Nominating and Corporate Governance committees, has replaced Bor as Chairman of the Board.
Until April 18, 2022 when Bor’s replacement, Lev Peker, is in place, the Board has established an executive committee comprised of the Company’s Chief Financial Officer, General Counsel and Chief Operating Officer, which will report to Solorzano as Chairman of the Board.
Michael W. Bor’s bio reads as follows:
- Co-Founder and Chief Executive Officer of CarLotz since 2011
- Chairman of the Board since the completion of the Merger in January 2021 and Chairman of the Board of CarLotz prior to the Merger
- Director in the Transportation Logistics M&A Investment Banking group of Harris Williams & Co., a leading middle-market Mergers and Acquisitions advisory firm, from 2003 to 2010
- Analyst in technology investment banking at Lehman Brothers from 1999 to 2001
- Senior Associate at PricewaterhouseCoopers from 1996 to 1999
- Graduate of Lehigh University (BS) and Harvard Business School (MBA).
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Michael Bor’s move on a scale of 0 to 10.
exechange reached out to CarLotz and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2022 ($).