Getaround, Inc: restructuring charge — Getaround to wind down U.S. operations; CEO/COO Lee steps down, Huerta acting CEO

AJ Lee, Interim Chief Executive Officer and Chief Operating Officer, will step down as the Company’s Interim Chief Executive Officer and Chief Operating Officer, effective February 14, 2025.

Patricia Huerta will serve as acting Chief Executive Officer in addition to the Company’s Interim Chief Financial Officer.

On February 7, 2025, the Board of Directors of Getaround, Inc. (the “Company”) approved the orderly wind-down of the Company’s business operations in the United States, which includes its car-share and HyreCar businesses. The Company’s European business will continue operating to provide car-sharing services for customers in all current European markets. In connection with the approval of the wind-down plan, the Board approved a reduction-in-force of substantially all of the Company’s U.S. employees, with most employees separating as of February 14, 2025 and certain others separating during the wind-down or after the wind-down process is completed. Employees of the Company’s European business will not be affected. The Company estimates that it will incur charges of approximately $1.5 million to $2.0 million in connection with the reduction-in-force, primarily consisting of severance payments, notice pay (where applicable), employee benefits contributions and related costs.