AutoWeb Appoints Carlton Hamer as Executive Vice President, Chief Financial Officer and Josh Barsetti as Vice President, Controller & Principal Accounting Officer
08 January 2022 - 8:05AM
AutoWeb, Inc. (Nasdaq: AUTO), an automotive matchmaking platform
connecting in-market car shoppers to their preferred vehicle
transactions, has appointed Carlton Hamer as executive vice
president, chief financial officer (CFO), succeeding Michael
Sadowski, and Josh Barsetti as vice president, controller and
principal accounting officer. Hamer’s appointment to CFO is
effective Jan. 10, 2022, and Barsetti’s appointment is effective as
of Jan. 17, 2022. Sadowski will remain with the company until at
least March to facilitate a smooth transition for the company’s new
finance executives.
“As AutoWeb remains focused on operational efficiencies and
continuing our growth initiatives, Carlton’s impressive financial
acumen and strong industry experience will undoubtedly strengthen
our executive leadership team’s capabilities,” said Jared Rowe,
president and CEO of AutoWeb. “The addition of Josh and his diverse
compliance background further supports our focus on enhancing
performance results, and we look forward to incorporating their
expertise as we execute on our 2022 objectives and beyond.”
Hamer is a Certified Public Accountant and brings nearly
three decades of experience to AutoWeb, with a significant portion
of his career dedicated to the automotive industry. He held several
executive leadership positions during his 15 years at Cox
Automotive, including serving as senior director of
finance/controller of its AutoTrader.com division, where he
spearheaded all core accounting and finance functions and helped
enable substantial growth of the business. During his
extensive tenure with Cox Automotive, he also held roles that
focused on strategic planning, supply chain and real estate. Hamer
began his career with Deloitte on the audit team in the Atlanta
office, where he served many private and public clients.
“During our time at Cox Automotive, several members of AutoWeb’s
senior leadership team had the privilege of working with Carlton,
and we look forward to the opportunity to work with him again in
this important role,” said Rowe.
Barsetti boasts a successful 20-year history of driving
efficiencies and productivity that align well with AutoWeb’s
financial and operational performance objectives. A Certified
Public Accountant, he most recently served as senior director of
internal audit at Zovio, a publicly traded education management and
technology services company where he advised business and financial
leadership on strategic, operational and financial risks. In
addition, he led corporate governance and compliance initiatives,
as well as the organization’s internal audit and Sox 404 functions.
Prior to Zovio, Barsetti was the chief accounting officer at Cavco
Industries, Inc., where he also held roles as senior director
of financial administration and director of internal audit.
“As we welcome Carlton and Josh to AutoWeb, I want to thank
Michael for his invaluable contributions as our CFO,” said Rowe.
“His leadership has been a pivotal part of our organization’s
evolution and he has set the table for Carlton and Josh to follow
through on our business transformation. We wish Michael much
success in his future endeavors.”
Inducement OptionsAs an inducement for joining
the company, upon commencement of their employment with the
company, Hamer and Barsetti will be granted options to acquire
120,000 and 30,000 shares of the company’s common stock,
respectively, at an exercise price per share equal to the closing
price of the common stock on The Nasdaq Capital Market on the day
Hamer and Barsetti, respectively, commence employment with the
Company.
The options will have a term of seven years. One third of the
options will vest on the first anniversary of the grant date, and
1/36th of the options shall vest on each successive monthly
anniversary of the grant date for the following 24 months. Vesting
of the options will accelerate upon the occurrence of certain
events, including upon a change in control of the company (unless
the options are assumed or substituted by a successor entity), and
in the case of the options granted to Hamer, will also accelerate
upon a termination of Hamer’s employment with the company without
cause or by Hamer with good reason.
About AutoWeb, Inc.AutoWeb, Inc. provides
high-quality consumer leads, clicks and associated marketing
services to automotive dealers and manufacturers throughout the
United States. The company also provides consumers with robust and
original online automotive content to help them make informed
car-buying decisions. The company pioneered the automotive Internet
in 1995 and has since helped tens of millions of automotive
consumers research vehicles; connected thousands of dealers
nationwide with motivated car buyers; and has helped every major
automaker market its brand online.
Forward-Looking Statements
DisclaimerThe statements contained in this press release
that are not historical facts are forward-looking statements under
the federal securities laws. Words such as “anticipates,” “could,”
“may,” “estimates,” “expects,” “projects,” “intends,” “pending,”
“plans,” “believes,” “will” and words of similar substance, or the
negative of those words, used in connection with any discussion of
future operations or financial performance identify forward-looking
statements. In particular, statements regarding expectations and
opportunities, new product expectations and capabilities,
projections, statements regarding future events, and our outlook
regarding our performance and growth are forward-looking
statements. These forward-looking statements, including that the
company looks forward to incorporating Hamer’s and Barsetti’s
expertise as the company executes on its 2022 objectives and
beyond, are not guarantees of future performance and involve
assumptions and risks and uncertainties that are difficult to
predict. Actual outcomes and results may differ materially from
what is expressed in, or implied by, these forward-looking
statements. AutoWeb undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. Among the important factors that could
cause actual results to differ materially from those expressed in,
or implied by, the forward-looking statements are the responses of
federal and state government to the COVID-19 pandemic; changes in
general economic conditions; the financial condition of automobile
manufacturers and dealers; disruptions in automobile supply chains
and production; changes in fuel prices; the economic impact of
terrorist attacks, political revolutions, military actions, or
natural disasters (such as floods, earthquakes, tornadoes and
hurricanes and pandemics and epidemics); failure of AutoWeb’s
internet security measures; the economic impact of epidemics and
pandemics; dealer attrition; pressure on dealer fees; increased or
unexpected competition; the failure of new products and services to
meet expectations; failure to retain key employees or attract and
integrate new employees; actual costs and expenses exceeding
charges taken by AutoWeb; changes in laws and regulations; costs of
legal matters, including, defending lawsuits and undertaking
investigations and related matters; and other matters disclosed in
AutoWeb’s filings with the Securities and Exchange Commission.
Investors are strongly encouraged to review the company’s Annual
Report on Form 10-K for the year ended December 31, 2020 and other
filings with the Securities and Exchange Commission for a
discussion of risks and uncertainties that could affect the
business, operating results or financial condition of the company
and the market price of the company’s stock.
Company Contact:Beth P. QuezadaCommunications
& Culture ManagerAutoWeb,
Inc.949-862-1391beth.quezada@autoweb.com
Investor Relations Contact:Cody Cree or Jackie
KeshnerGateway Investor Relations949-574-3860Auto@gatewayir.com
AutoWeb (NASDAQ:AUTO)
Historical Stock Chart
From Mar 2024 to Apr 2024
AutoWeb (NASDAQ:AUTO)
Historical Stock Chart
From Apr 2023 to Apr 2024