CarLotz nominates four to board of directors
Positions to be effective following Acamar Partners merger
Chesterfield County-based CarLotz Inc., a consignment dealer of used cars, announced Thursday it has nominated four new members to its board of directors, effective following the closing of its merger with special purpose acquisition company Acamar Partners Acquisition Corp.
CarLotz, which is valued at $827 million, will combine with Miami-based Acamar Partners Acquisition Corp. to make it a public company. At closing, the company name will remain CarLotz Inc. and will be listed on the Nasdaq and trade under LOTZ. Acamar Partners is scheduled to hold a stockholders meeting to approve the proposed merger on Jan. 20, and the transaction is expected to close on Jan. 22.
Linda Abraham, Sarah Kauss, Kimberly Sheehy and James Skinner were nominated to sit on the board.
“Linda, Sarah, Kimberly and James are all pioneers in their industries and bring a wide diversity of thinking and experience to CarLotz,” CarLotz co-founder, CEO and Chairperson Michael Bor said in a statement. “We look forward to their energy, passion and wisdom as we continue our rapid growth.”
Abraham is the managing director of international investment bank and management consulting firm Crimson Capital and invests in and advises early-stage technology companies. She also founded digital measurement and analytics company comScore and Paragren Technologies, which was acquired by Oracle. She also serves on the boards of Site Centers, Tiger 21, Upskill, Zum and Humanest. She will serve as the chair of the compensation committee on CarLotz’s board.
Kauss is the chairwoman of New York-based reusable water bottle and insulated products company S’well, for which she served as CEO for 10 years. Before S’well, she worked in international real estate development and accounting. On the CarLotz board, she will serve as a member of the audit and compensation committees.
Sheehy most recently served as chief financial officer of Texas software company ResMan LLC and also previously served as chief financial officer of Lori’s Gifts and CyrusOne Inc. She will serve as the chair of the audit committee and a member of the nominating and corporate governance committee with CarLotz.
Skinner is the retired vice chairman of the $4 billion fashion retailer Neiman Marcus Group, where he also previously served as chief operating officer and CFO. He currently serves on the board of directors for Acamar Partners. Skinner will chair the nominating and corporate governance committee and be a member of the audit committee for CarLotz.
Founded in 2011 by Richmond-area entrepreneurs Bor, Aaron Montgomery and Will Boland, CarLotz opened its first store in Midlothian and later expanded to Henrico County, Richmond, Chesapeake as well as North Carolina, Florida, Texas and Illinois. The company now has eight locations and sells vehicles via its online platform.