Copart, Inc. (NASDAQ: CPRT) has made significant changes to its leadership team, as announced in a recent press release. Jeff Liaw, who has been serving as co-CEO since March 2022, has been appointed as the company's sole Chief Executive Officer and as a member of the board of directors. Jay Adair, who previously served as the CEO from February 2010 to February 2022 and as co-CEO along with Mr. Liaw since March 2022, will step down from that role and take on the position of Executive Chairman, effective April 1, 2024.
Liaw's journey with Copart started in 2016 when he joined as the Chief Financial Officer (CFO) and was later promoted to President in 2019. His previous experience includes serving as the CFO of FleetPride, Inc. and as a principal of TPG Capital Management, L.P., a private equity firm. Liaw holds a B.A. and B.B.A. from the University of Texas and an M.B.A. from Harvard.
The company's founder, Willis Johnson, who will remain Chairman of the Board of Directors, expressed confidence in Liaw's ability to lead Copart into the future, stating that the appointment recognizes Liaw's significant contributions to the company over the last eight years. Jay Adair also congratulated Jeff on his continued success and emphasized Liaw's founder-like thinking and his profound focus on customers and employees.
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions, with innovative technology and online auction platforms that link sellers to more than 750,000 members in over 190 countries. The company offers services to process and sell vehicles to various entities and currently operates in 11 countries with over 250 locations, making more than 265,000 vehicles available online every day.
As a result of these announcements, the company's shares have moved 1.4% on the market, and are now trading at a price of $55.32. For more information, read the company's full 8-K submission here.
