Online used-vehicle retailer Shift Technologies Inc. said Friday its board of directors appointed a new CEO, effective immediately. The move comes as the board evaluates strategic alternatives for the business.
Ayman Moussa, an automotive entrepreneur with more than 20 years of industry experience, replaces Jeff Clementz, according to a news release. Moussa comes to Shift Technologies from overseeing a group of eight new- and used-vehicle dealerships in the San Francisco Bay Area as founder and CEO of Carnamic.
Shift Technologies indicated on Friday that Clementz will remain with the company as a strategic adviser to Moussa, the board and the management team through a transition period. Clementz will step down from the board "effective immediately," the news release said.
"Having founded and led profitable auto dealerships, I believe there is significant opportunity to improve unit economics and bring the company to EBITDA profitability," Moussa said in a statement. "I plan to hit the ground running and act with a sense of urgency in implementing process improvements."