- After about 14 years in the position
- Praise for Adair
- Elimination of dual Chief Executive Officer role
- Jeff Liaw becomes sole Chief Executive Officer
- Adair will remain as Executive Chairman at Copart
- Adair kept it short and said 39 words
(exechange) — Dallas, Texas, March 11, 2024 — Jay Adair, co-chief executive of Copart, leaves his position. As announced by Copart Inc. in a news release on Monday, March 11, 2024, A.Jayson (Jay) Adair leaves his post as co-chief executive officer at the specialist in online vehicle auctions, after about 14 years in the role, effective April 1, 2024.
Generally speaking, it raises questions when a co-CEO leaves his post at short notice.
Copart eliminates the dual Chief Executive Officer role. Jeffrey (Jeff) Liaw will be sole Chief Executive Officer.
No reason given
In the announcement, Copart did not explicitly explain the reason for the move.
Adair will remain as Executive Chairman at Copart
Copart stated: “In addition, the Board of Directors has appointed Mr. Adair as Executive Chairman, and he will remain an active executive officer of the company in that capacity. The above changes are effective April 1, 2024.”
“Step down”
Copart said: “Jay Adair, who served as the Company’s CEO from February 2010 to February 2022 and as Co-CEO along with Mr. Liaw since March 2022 will step down from that role.”
Share price increase since March 2019
The announcement follows an increase in Copart Inc.’s share price of 276% since March 2019.
In the position of CEO since 2010
Jay Adair became CEO of the Company in 2010.
Adair served as the Company’s chief executive officer from February 2010 to April 2022, at which point he became the Company’s co-chief executive officer.
From November 1996 to February 2010, Adair served as the Company’s president.
From 1995 until 1996, Adair served as the Company’s executive vice president.
From 1990 until 1995, Adair served as the Company’s vice president of sales and operations, and from 1989 to 1990, Adair served as the Company’s manager of operations.
39 words by Jay Adair
In the release announcing his departure as CEO of Copart Inc., Jay Adair received praise.
In announcing his departure, Jay Adair kept it short and said 39 words.
“Jeff thinks like a founder”
Jay Adair stated: “I congratulate Jeff on his continued success in leading Copart. Jeff thinks like a founder, and I have no doubt he will continue to grow Copart in the years ahead with a profound focus on our customers and employees.”
The above text is an excerpt from the exechange report 12.2024 ($), publication date March 18, 2024.