- Push-out Score determined
- After about six years in the position
- Praise and thanks for Hennessy
- Tom Shortt taking over
(exechange) — New York, May 9, 2022 — Paul Hennessy, chief executive of Vroom, leaves. As announced by Vroom Inc. in a news release and in a regulatory filing published on Monday, May 9, 2022, Paul J. Hennessy leaves his post as chief executive officer at the e-commerce platform for buying and selling used vehicles, after about six years in the role, effective immediately.
Paul Hennessy’s duties as CEO will be taken over by Thomas H. (Tom) Shortt, most recently Chief Operating Officer at Vroom Inc.
“To pursue other opportunities”
Paul Hennessy’s departure from the CEO post is explained as follows. Vroom said: “Vroom, Inc. (Nasdaq: VRM), a leading e-commerce platform for buying and selling used vehicles, today announced that its Board of Directors has appointed Tom Shortt, who previously served as the Company’s Chief Operating Officer, as Chief Executive Officer and a member of Vroom’s Board of Directors, effective immediately. He succeeds Paul Hennessy, who has stepped down to pursue other opportunities. Robert Mylod, the current Board Chair, will become Independent Executive Chair of the Board.”
Precise information regarding Paul Hennessy’s future plans was not immediately available.
“Resignation”
Vroom further said: “On May 9, 2022, the board of directors (the “Board”) of Vroom, Inc. (the “Company”) appointed Thomas H. Shortt as the Company’s Chief Executive Officer, to succeed Paul J. Hennessy upon Mr. Hennessy’s resignation as Chief Executive Officer and a director of the Company, in each case effective as of May 9, 2022 (the “Effective Date”).”
Share price decline since May 2021
The announcement follows a decline in Vroom Inc.’s share price of 97% since May 2021.
In the position of CEO since 2016
Paul Hennessy became CEO of the Company in 2016.
Paul J. Hennessy has served as the Company’s Chief Executive Officer and as a member of the Company’s Board of Directors since June 2016.
Hennessy has over 20 years of global ecommerce leadership experience, previously serving in several leadership roles for Booking Holdings, Inc. (“Booking Holdings”), a world leader in online travel.
At Booking Holdings, he most recently served as Chief Executive Officer of Priceline.com, a leading online travel agency for finding discount rates for travel-related purchases, from April 2015 to June 2016, and as Chief Marketing Officer of Booking.com, a leading online service for booking accommodation reservations, from November 2011 to March 2015.
Hennessy also currently serves on the board of directors and the audit committee and compensation committee of Shutterstock Inc.
Hennessy holds a Bachelor of Science in Marketing Management from Dominican College and a Master of Business Administration from Long Island University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Paul Hennessy’s move on a scale of 0 to 10.
exechange reached out to Vroom and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2022 ($).