Tom LaSorda has named longtime auto executive Simon Boag to replace him as CEO of IncWell LLC, an early-stage venture capital firm in suburban Detroit.
Previously, Boag had been a partner in the firm, which was founded by LaSorda in 2013.
“I’m extremely excited to make this announcement today,” said LaSorda, 60, the former CEO of Chrysler Group, in a news release. “We now have in place the leadership team to lead and manage IncWell in the future.”
Boag, 49, who will also have the title of managing partner, will assume responsibilities for day-to-day operations and all deal-term negotiations. LaSorda will continue as general managing partner.
Prior to joining IncWell, Boag was CEO of Stage 2 Innovations, a $100 million investment fund in suburban Detroit. He has 25 years of executive experience in manufacturing and purchasing at Chrysler, Case New Holland, General Motors and CAMI Automotive.
IncWell has invested in 27 startups throughout the U.S. and Canada from its two funds. Its first fund was less than $3 million. Its second was almost $10 million.
LaSorda also announced that Evonna Karchon and Reda Jaber have been named as partners in the firm.
Limited partners in IncWell include Roger Penske, chairman and CEO of Penske Corp.; Dieter Zetsche, chairman of Daimler AG; John Melstrom, partner at Fenner Melstrom & Dooling PLC; Stephen Polk, former CEO of R.L. Polk & Co.; and Wayne Sales, former CEO of Canadian Tire and SuperValu.