8-K filed June 14, 2023, 7:59 PM ET CIK 0001762322

leadership confidence high sentiment neutral materiality 0.75

Shift appoints auto entrepreneur Ayman Moussa as CEO; Clementz transitions to advisor

SHIFT TECHNOLOGIES, INC.

Ayman Moussa appointed CEO effective June 9, 2023; replaces Jeff Clementz who becomes strategic advisor.
Moussa to receive $500k base salary, $500k signing bonus, and 1.9M RSUs (50% time-based, 50% performance-based).
Moussa founded Carnamic, a Northern California auto dealership group with 8 locations and >$200M annual revenue.
Board's strategic alternatives review (including debt options) remains ongoing.

item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Jeff Clementz

strategic advisor

SHIFT TECHNOLOGIES, INC.

Effective: 2023-06-09
Successor: Ayman Moussa
Filed: June 14, 2023, 7:59 PM ET

Jeff Clementz transitioned from his role as Chief Executive Officer of the Company to serving as a strategic advisor to Mr. Moussa, the Board of Directors and the management team of the Company for a transition period.

Departed

Jeff Clementz

Director

SHIFT TECHNOLOGIES, INC.

Effective: 2023-06-09
Filed: June 14, 2023, 7:59 PM ET

Also on the Transition Effective Date, Mr. Clementz resigned as a director of the Company.

Appointed

Ayman Moussa

Director

SHIFT TECHNOLOGIES, INC.

Effective: 2023-06-09
Filed: June 14, 2023, 7:59 PM ET

Mr. Moussa was appointed to a vacant position on the Board of Directors on the Transition Effective Date, to serve as a Class II director.

Appointed

Ayman Moussa

Chief Executive Officer

SHIFT TECHNOLOGIES, INC.

Effective: 2023-06-09
Filed: June 14, 2023, 7:59 PM ET

appointed Ayman Moussa as the Company’s Chief Executive Officer, to succeed Jeff Clementz

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Jeff Clementz changed role as strategic advisor at SHIFT TECHNOLOGIES, INC..

Action: transitioned
Role: strategic advisor

Exact text from the filing

Jeff Clementz transitioned from his role as Chief Executive Officer of the Company to serving as a strategic advisor to Mr. Moussa, the Board of Directors and the management team of the Company for a transition period.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Jeff Clementz resigned as Director at SHIFT TECHNOLOGIES, INC..

Action: resigned
Role: Director

Exact text from the filing

Also on the Transition Effective Date, Mr. Clementz resigned as a director of the Company.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Ayman Moussa was appointed as Director at SHIFT TECHNOLOGIES, INC..

Action: appointed
Role: Director

Exact text from the filing

Mr. Moussa was appointed to a vacant position on the Board of Directors on the Transition Effective Date, to serve as a Class II director.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Ayman Moussa was appointed as Chief Executive Officer at SHIFT TECHNOLOGIES, INC..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

appointed Ayman Moussa as the Company’s Chief Executive Officer, to succeed Jeff Clementz

View on SEC.gov

Source: SEC EDGAR

accession 0001213900-23-048945

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