Struggling U.K.-based online digital auto retailer Cazoo has appointed CEO Paul Whitehead and CFO Paul Woolf to its board.
Founder and former CEO Alex Chesterman stepped down in December, which triggered the introduction of a new board of directors, as the company deleveraged in order to retain its position on the NYSE. This restructuring enabled its $630 million U.S. debt pile to be reduced to $200 million.
Whitehead has been with the company since it was founded in 2018 and was previously its COO. He will serve as a Class III director until Cazoo’s 2024 AGM.
Woolf Joined Cazoo in August 2022, replacing Stephen Morana who departed following Cazoo’s June 2022 announcement of a realignment plan. Woolf will serve as a Class I director until Cazoo’s 2025 AGM.
In December last year, Cazoo warned it would need new funding by the second half of 2024 due to its “limited liquidity.” It submitted form 6-K to the U.S. SEC.