Press Release
IAA Announces Board of Directors
Published July 2, 2019 - Written by IAA, Inc
WESTCHESTER, Ill. – July 2, 2019 – IAA, Inc. (NYSE: IAA), a leading global marketplace connecting vehicle buyers and sellers, today announced the members of its Board of Directors following the company’s recent spin-off from KAR Auction Services, Inc. (NYSE: KAR) (“KAR”).
John P. Larson has been named Chairman of the Board of IAA. Mr. Larson had served as the Lead Independent Director of KAR Auction Services since June 2014 and has been Chief Executive Officer of Bestop, Inc., a leading manufacturer of soft tops and accessories for Jeep vehicles, since August 2015.
The IAA Board of Directors will consist of the following eight individuals, seven of whom are independent:
John P. Larson (Chairman), former Director of KAR and Chief Executive Officer of Bestop, Inc., a leading manufacturer of soft tops and accessories for Jeep vehicles. Previously, he served in a number of senior executive roles at General Motors Company including Buick, Pontiac and GMC Divisions and as General Director of Remarketing.
John W. Kett, Chief Executive Officer and President of IAA.
Brian Bales, Executive Vice President and Chief Development Officer of Republic Services, an industry leader in reliable and responsible recycling and waste disposal services.
William (Bill) Breslin, Founder and Chief of Wenonah Consulting, which specializes in delivering service, expense and loss management solutions to claims operations across the insurance industry.
Sue Gove, Founder and President of Excelsior Advisors, LLC, a retail consulting and advisory firm.
Lynn Jolliffe, former Director of KAR Auction Services and Chief Executive Officer of Jolliffe Solutions, Inc., which provides consulting in human capital and talent management.
Peter Kamin, Founder and Managing Partner of 3K Limited Partnership, a private equity firm that partners with management teams seeking capital in order to implement growth strategies that create meaningful shareholder value.
Olaf Kastner, former regional President and Chief Executive Officer for China for the BMW Group.
Mr. Larson and Ms. Jolliffe resigned from the KAR Auction Services Board of Directors upon completion of the spin-off.
“The IAA Board brings extensive experience in the automotive and insurance claims industries, as well as significant finance, strategy, human resources and international expertise,” said John Larson, Chairman of the Board. “I look forward to working with such a diverse and talented group of individuals, helping to lead IAA into its next phase of growth as a public company.”
“As an independent company, IAA is well positioned to leverage our strong global footprint, deep industry relationships and focus on technology and innovation to better serve our diverse base of global customers,” said John Kett, Chief Executive Officer and President of IAA. “This Board’s leadership will further enhance our competitive position in the marketplace and help drive long-term value for our shareholders.”
Media Inquiries:
Jeanene O’Brien SVP, Global Marketing and Communications
(708) 492-7328
Analyst Inquiries:
Caitlin Churchill
ICR
(203) 682-8200
About IAA, Inc.
IAA, Inc. (NYSE: IAA) is a leading global marketplace connecting vehicle buyers and sellers. Leveraging leading-edge technology and focusing on innovation, IAA’s unique multi-channel platform processes more than 2.5 million vehicles annually. Headquartered near Chicago, IL, IAA has over 3,600 talented employees and over 190 facilities throughout the US, Canada and the United Kingdom. IAA provides a broad range of services to insurers, fleet and rental companies, rebuilders, charity organizations and financing companies that dramatically reduce the cycle time of selling a vehicle with a focus on delivering the highest economic returns. Buyers have access to the industry’s most-innovative vehicle evaluation and digital bidding tools, enhancing the overall purchasing experience.
Uncertainties Affecting Forward-Looking Statements
Certain statements contained in this release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions identify forward-looking statements. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Such forward-looking statements include the statements regarding IAA’s future financial and operating performance, benefits and synergies of the separation, strategic and competitive advantages, future opportunities and any other statements regarding events or developments that IAA believes or anticipates will or may occur in the future. We disclaim any obligation or undertaking to update any forward-looking statements. For further discussion of such risks and uncertainties, see “Information Statement Summary,” “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in the information statement filed as an exhibit to IAA’s Registration Statement on Form 10, as amended.
