Wholesale auctions provider KAR Global on Friday said that Jim Hallett, who was the company's CEO from 2009 to 2021, is retiring from his role as its executive chairman.
Hallett, 69, was appointed executive chairman of KAR Global in 2021. He is also stepping down as chairman of the company's board of directors, a role he held since 2014. Michael Kestner, KAR Global's lead independent director since 2019, will assume that role April 1, while Hallett will remain a member of the board, the company said in a news release. Peter Kelly, 54, succeeded Hallett as CEO of KAR Global in 2021.
Hallett joined the company in 1993 as president of the auction unit ADESA Canada. In 1996, he became CEO of ADESA. He led its initial public offering in 2004 and oversaw its buyout and merger with Insurance Auto Auctions Inc. in 2007.
The combined company went public in 2009 as KAR Auction Services Inc. In 2019, IAA was spun off into a separate entity. In May 2022, KAR Global sold ADESA U.S. to online used-vehicle retailer Carvana.
In the news release, Hallett said he has "never been more confident in KAR's strategy and leadership, especially with Peter at the helm."