- After about six years in the position
- Praise and thanks for Williams
- Doug Campbell taking over
- Williams said 95 words
(exechange) — Rogers, Arkansas, September 5, 2023 — This news came shortly after Labor Day. Jeff Williams, chief executive of America’s Car-Mart, leaves his position. As announced by America’s Car-Mart Inc. in a news release and in a regulatory filing published on Tuesday, September 5, 2023, Jeffrey A. (Jeff) Williams leaves his post as chief executive officer at the used car dealer, after about six years in the role, effective October 1, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Jeff Williams’s duties as CEO will be taken over by Douglas W. (Doug) Campbell, currently President at America’s Car-Mart Inc.
“Elevate our execution”
America’s Car-Mart did not give an explicit reason for Jeff Williams’s departure from the CEO post. Board Chair Josh Welch stated: “Jeff positioned the Company for substantial long-term growth and profitability; Doug has the skillsets to elevate our execution, delivering on the enormous demand for basic transportation and credit in towns across the country.”
Precise information regarding Jeff Williams’s future plans was not immediately available.
America’s Car-Mart said: “America’s Car-Mart, Inc. (NASDAQ: CRMT) (“America’s Car-Mart,” “we” or the “Company”) today announced that its board of directors has elected current President Doug Campbell to succeed Jeff Williams as Chief Executive Officer and to serve as a director of the Company, each effective October 1, 2023.”
Share price decline since September 2021
The announcement follows a decline in America’s Car-Mart Inc.’s share price of 12% since September 2021.
In the position of CEO since 2018
Jeff Williams became CEO of the Company in 2018.
Williams will remain with the Company as CEO Emeritus through the end of fiscal year 2024.
Williams will also continue his service on the board.
Jeffrey A. Williams has served as Chief Executive Officer of the Company since January 2018 and as a director since August 2011.
Williams served as President of the Company from March 2016 to October 2022.
Before becoming Chief Executive Officer, Williams served as Chief Financial Officer of the Company since 2005.
He also served as Vice President Finance from 2005 to March 2016 and as Secretary of the Company from 2005 to May 2018.
Williams is a Certified Public Accountant, inactive, and prior to joining the Company, his experience included approximately seven years in public accounting with Arthur Andersen & Co. and Coopers and Lybrand LLC in Tulsa, Oklahoma and Dallas, Texas.
His experience also includes approximately five years as Chief Financial Officer and Vice President of Operations of Wynco, LLC, a nationwide distributor of animal health products.
Williams has also served on the board of directors of Mercy Health Northwest Arkansas Communities since July 2019 and the Jones Center and Jones Trust since January 2021.
95 words by Jeff Williams
In the release announcing his departure as CEO of America’s Car-Mart Inc., Jeff Williams received praise and thanks.
In announcing his departure, Jeff Williams said 95 words.
“Increased finance receivables from $500 million to $1.4 billion”
Jeff Williams stated: “Since 2018, America’s Car-Mart has grown its customer base 50%, doubled book value per share, increased finance receivables from $500 million to $1.4 billion, and diversified its funding through a successful securitization program. We have also embarked on several investment projects critical to our long-term success and increasing productivity. Importantly, to reach our full potential, we have aggressively recruited key talented executives. Doug is top among these new talents, and I’m very pleased that he will become CEO of America’s Car-Mart. Doug is a great leader and will take our company to the next level.”
Push-out Score for Jeff Williams’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Jeff Williams was pushed out or felt pressure to leave his position.
exechange reached out to America’s Car-Mart and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2023 ($).