Carvana cuts 2,500 jobs, execs forgo salaries to fund severance

CARVANA CO.

Approximately 2,500 employees laid off, primarily in operational groups, to align staffing with sales volumes.
Severance includes 4 weeks' pay plus 1 extra week per year of service, extended healthcare, and early equity vesting.
Executive team forgoing salaries for the remainder of 2022 to contribute to severance costs.
Carvana transitioning operations away from its Euclid, OH IRC and several logistics hubs in coming weeks.
Company cites need to restore balance between sales and staffing; more on operating plan expected later this week.

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