Shift Adds Senior Executives As It Prepares for Next Phase of Growth

Adds Four VP-Level Hires Alongside C-Suite

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Mar 23, 2021, 09:00 ET

SAN FRANCISCO, March 23, 2021 /PRNewswire/ -- Shift, a leading end-to-end auto ecommerce platform that is transforming the used car industry with a technology-driven, hassle-free customer experience, today announced several vice president-level appointments to its management team.

Tracy Notte and John Lee are joining Shift as Vice President of People Operations and Vice President of Product respectively; Ilya Letuchy is being promoted to Vice President of Field Operations; and earlier this year, Jennifer Gaines joined Shift as General Counsel & Corporate Secretary.

Notte brings to Shift over 10 years of experience leading Human Resources and Talent teams. She previously served as Senior Vice President and Chief Human Resources Officer at Citizens Parking and as Area Director for HR for Advance Auto Parts. She holds a Bachelor of Science degree from the University of Georgia and is a candidate for Master in Jurisprudence, Labor and Employment Law from the University of Tulane.

Lee joins Shift following his role as Vice President of Digital Product Management at Sephora, and prior to that, Senior Vice President of Ecommerce at MGM Resorts International and Vice President of Product at Travelzoo. He holds a Bachelor of Science degree from Columbia University as well as a Master's in Business Administration degree from the University of California, Los Angeles Anderson School of Management.

Letuchy has led field operations at Shift for the past two years, and brings several years of operations management experience at Boosted and at Apple. He holds Bachelor of Science and Bachelor of Arts degrees from the University of California, Santa Barbara and a Master's degree in Business Administration from the University of Chicago's Booth School of Business.

Gaines joins Shift with over 20 years of experience as a Chief Legal Officer, Vice President of Legal and General Counsel for multiple companies and a large private investment firm. She holds a Bachelor of Arts degree from Baylor University and a Juris Doctorate from the University of Tulsa, College of Law.

"We are incredibly excited to welcome our new executives to our fast-growing team," said Co-CEO Toby Russell. "They bring a tremendous amount of experience in their respective fields and leadership strength to support our continued growth and creation of shareholder value."

These appointments come on the heels of Shift's recent announcement of new Chief Financial Officer Oded Shein on March 15.

About Shift

Shift is a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience. Shift's mission is to make car purchase and ownership simple — to make buying or selling a used car fun, fair, and accessible to everyone. Shift provides comprehensive, digital solutions throughout the car ownership lifecycle: finding the right car, having a test drive brought to you before buying the car, a seamless digitally-driven purchase transaction including financing and vehicle protection products, an efficient, digital trade-in/sale transaction, and a vision to provide high-value support services during car ownership. For more information please visit www.shift.com.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "could", "continue", "expect", "estimate", "may", "plan", "outlook", "future" and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to the Insurance Acquisition Corp.'s and Shift's future prospects, developments and business strategies. In particular, such forward-looking statements may include statements concerning the timing of the Business Combination; the business plans, objectives, expectations and intentions of the public company once the transaction is complete, and Shift's estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on the Insurance Acquisition Corp.'s or Shift's management's current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Insurance Acquisition Corp.'s or Shift's control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination; (2) the inability to complete the transactions contemplated by the Business Combination due to the failure to obtain approval of the stockholders of Insurance Acquisition Corp. or other conditions to closing in the Business Combination; (3) the ability of the public entity to meet Nasdaq's listing standards following the Business Combination; (4) the inability to complete the private placement; (5) the risk that the Business Combination disrupts current plans and operations of Shift as a result of the announcement and consummation of the transactions described herein; (6) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with suppliers and agents and retain its management and key employees; (7) costs related to the proposed transaction; (8) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the Business Combination; (9) the possibility that Shift may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the outcome of any legal proceedings that may be instituted against Insurance Acquisition Corp., Shift or any of their respective directors or officers, following the announcement of the Business Combination; and (11) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in Insurance Acquisition Corp.'s most recent annual report on Form 10-K, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC's website at www.sec.gov, and are also be provided in the Registration Statement on Form S-4 and Insurance Acquisition Corp.'s proxy statement/prospectus. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Insurance Acquisition Corp. and Shift undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE Shift