Moussa.Īs a result of the restructuring, the Company expects to reduce its headcount by approximately 34%. We are moving with a great sense of urgency to improve performance and maximize our cash runway,” said Mr. These changes include eliminating centralized operations roles, putting more ownership to team members on the ground in our hubs, as well as eliminating investment into the dealer marketplace. We are announcing these changes today as a result of observations during my first month as CEO, leveraging best practices from over 20 years of auto industry experience and leadership. “I joined Shift because I believe there is a meaningful opportunity to increase unit sales and unit economics through operational process improvements. The Company has also decided to eliminate investment into the Company’s dealer marketplace business in order to focus on core operations. The new structure is designed to improve the customer experience, increase efficiencies throughout the sales process, and better leverage our fixed costs. The restructuring plan is the result of a review by the Company’s recently appointed CEO Ayman Moussa as well as evaluations conducted as part of the Company’s review of strategic alternatives. (Nasdaq: SFT), a consumer-centric omnichannel used auto retailer, today announced a plan to restructure and reduce the Company’s workforce to better align people and responsibilities with the Company’s omnichannel sales strategy. Retrieved 26 June 2015.SAN FRANCISCO, J(GLOBE NEWSWIRE) - Shift Technologies, Inc.
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