Open Lending Announces Leadership Change
25 March 2024 - 11:30PM
Open Lending Corporation (Nasdaq: LPRO) (the “Company” or “Open
Lending”), an industry trailblazer in lending enablement and risk
analytics solutions for financial institutions, today announced
that Keith Jezek is stepping down as Open Lending’s CEO and as a
member of its Board of Directors (the “Board”). Effective
immediately, the Board has appointed Chuck Jehl, Chief Financial
Officer, as Chief Operating Officer and Interim Chief Executive
Officer in an expanded role. Mr. Jezek will remain available to the
Company to advise in leadership transition matters, and the Board
has initiated a comprehensive process to identify a permanent Chief
Executive Officer. In addition to serving as Interim Chief
Executive Officer and Chief Operating Officer, Mr. Jehl will remain
the Company’s Chief Financial Officer during this process.
“The Board is confident that Chuck is the right
person to lead the Company through this interim period and to keep
the Open Lending team focused on the Company’s 2024 priorities,
which we believe will position Open Lending well as the industry
inevitably recovers,” said Jessica Buss, Chairman of the Board. ”On
behalf of the Board, I would like to thank Keith for providing the
Company with a firm foundation for future growth and developing a
deep bench of talented people. From his early service on Open
Lending’s board as a private company to his more recent role as
CEO, Keith has been an integral part of the Open Lending story and
we wish him all the best in his future endeavors.”
“Chuck is an exceptional leader who will
continue to work tirelessly with our incredible team at Open
Lending as we aim to change lives by making transportation
affordable,” said John Flynn, Founder and Director. “I look forward
to helping Chuck succeed in this expanded role.”
Chuck Jehl has served as the Chief Financial
Officer of Open Lending since August 2020. Prior to Open Lending,
Mr. Jehl spent 14 years at Forestar Group Inc., a New York Stock
Exchange listed company, in a variety of executive leadership roles
including Chief Financial Officer and Treasurer from 2015 through
2019 and Chief Accounting Officer from 2005 through 2013.
“I’m honored to take on this role to help make
this transition as seamless as possible,” said Chuck Jehl, Interim
Chief Executive Officer, Chief Operating Officer and Chief
Financial Officer. “I love working with our outstanding team
members and I am pleased to continue to engage with our valued
customers, insurance carrier partners, investors and other
stakeholders. We provide differentiated technology solutions
supported by a strong balance sheet with financial flexibility and
I couldn’t be more excited for the future of our Company.”
Q1 2024 OutlookOpen Lending remains on
track to achieve its guidance for certified loans for Q1 2024, and
the Company will provide additional detail on its financial and
operational results when it reports its first quarter 2024 results
in May.
About Open Lending
Open Lending (Nasdaq: LPRO) provides loan
analytics, risk-based pricing, risk modeling and default insurance
to auto lenders throughout the United States. For over 20 years, we
have been empowering financial institutions to create profitable
auto loan portfolios with less risk and more reward. For more
information, please visit www.openlending.com.
Forward-Looking Statements
This press release includes certain statements
that are not historical facts but are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995, including
statements related to the leadership transition plan and future
financial performance under the heading “Q1 2024 Outlook” above.
Forward-looking statements generally are accompanied by words such
as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,”
“potential,” “seem,” “seek,” “future,” “outlook,” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These statements are
based on various assumptions and on the current expectations of the
Company’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as, and must not be
relied on by any investor as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and
will differ from assumptions. Many actual events and circumstances
are beyond the Company’s control. These forward-looking statements
are subject to a number of risks and uncertainties, including
general economic, market, political and business conditions;
applicable taxes, inflation, supply chain disruptions including
global hostilities and responses thereto, interest rates and the
regulatory environment; the outcome of judicial proceedings to
which Open Lending may become a party; and other risks discussed in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K for the year ended December 31,
2023. If the risks materialize or assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that the Company presently does not know or that it currently
believes are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect the Company’s
expectations, plans or forecasts of future events and views as of
the date of this press release. The Company anticipates that
subsequent events and developments will cause its assessments to
change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
Contact:
Investors
openlending@icrinc.com
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