British auto vertical Cazoo has appointed Stephen Morana as its chief financial officer, a move that suggests the company may be considering an IPO.

Morana (LinkedIn profile) was previously CFO at Betfair and Zoopla Property Group (ZPG), which was also started by Cazoo founder Alex Chesterman. Morana has extensive experience in generating investments for digital businesses. He led the flotation of Betfair and ZPG, achieving multi-billion pound valuations for both companies. Morana also has extensive experience working as a non-executive director at a range of businesses, including online fashion retailer Boohoo, which is now the highest valued business on the U.K. AIM stock market index.

Cazoo launched in December 2019 with £80 million ($100 million U.S.) in funding. The company raised a further £100 million in March in a funding round completed just before the Covid-19 pandemic led to a near-shutdown of the U.K. automotive sector. Morana will begin his role at Cazoo in mid-July as the business looks to establish its position as a leading player in online auto sales. He will join Cazoo’s board of directors and executive team and will report directly to Chesterman.

“Selling thousands of cars and generating over £40 million in revenue in just a few months since launch is exceptional,” said Stephen Morana. “I have been lucky to work for some amazing businesses and wasn’t planning to take another full time role but, having worked with Alex before, I know that he is building a world-class operation with Cazoo.”

Alex Chesterman OBE, founder and CEO of Cazoo said, “There is nobody who has had greater exposure to some of the UK’s most successful digital businesses over the past decade and he will play a key role in helping to deliver on our ambition of creating the best car buying experience in the UK over the coming years.”

Cazoo’s previous CFO, Alex Gersh left the company in March. At the time, Cazoo said there were no immediate plans to replace him.

In response to a question from the AIM Group about why Cazoo decided to fill the position now, a spokesperson for Cazoo said that familiarity with Morana was a key part of the decision.

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