Toby Russell will step down as co-CEO of Shift on Feb. 1, with plans to spend more time with family.
Russell, who helped found the company in 2013, will remain on the board of directors and act as a strategic adviser after the transition, Shift announced last week.
George Arison, the other co-CEO, will become the sole chief executive. Most of Russell’s day-to-day operational responsibilities are transitioning to Shift President Jeff Clementz.
Russell joined the company full time in 2015 and subsequently overhauled and repositioned the business to what Shift said is a sustainable and scalable growth trajectory.
Shift went public in October 2020. It was riding a wave of investor interest in used auto market disrupters such as Carvana, though Russell told Automotive News in the preceding months that going public had long been a goal for the company.
Russell said in a statement last week that it was the “right time” for him to move to an advisory role, saying it would allow him to focus on his family.
“It has been an incredible journey to take Shift from an idea to a publicly traded eCommerce leader,” Russell said. “After leading six straight years of growth, I couldn’t be more proud of the company we have built and the team we have assembled.”
