SAN FRANCISCO - Getaround, a peer-to-peer carsharing marketplace, has announced the promotion of AJ Lee to Chief Operating Officer, a move aimed at bolstering the company's growth and its journey towards profitability. Lee, who previously managed Getaround's Gig division and the HyreCar business, will now oversee operations, marketing, sales, and other key areas under the leadership of CEO Eduardo Iniguez.
Lee's promotion follows his tenure as General Manager of Gig after Getaround acquired assets from HyreCar Inc. in May 2023. His experience includes significant roles at Airspace, NEXT Trucking, and Amazon (NASDAQ:AMZN), where he was recognized for his ability to scale revenue functions and drive operational improvements.
CEO Eduardo Iniguez expressed confidence in Lee's ability to foster business transformation, citing his track record in growth and margin enhancements. "AJ drove growth and margin improvements quickly with a unique ability to build lean, high-performing teams, balance strategic growth initiatives with cost-efficiency measures, and develop impactful features and products for customers," Iniguez stated.
In response to his appointment, Lee emphasized his commitment to financial discipline and operational efficiencies to support future growth. He highlighted his readiness to work with the Getaround team to deliver value for car owners, renters, and investors.
Getaround, which trades on the New York Stock Exchange under the ticker NYSE:GETR, offers a fully digital carsharing experience through its proprietary technology. Founded in 2011, the service is available in over 1,000 cities across the United States and Europe, facilitating a contactless car rental process.
This announcement is based on a press release statement from Getaround.
InvestingPro Insights
Amidst the strategic shifts at Getaround, investors and market watchers are keeping a close eye on the company's financial health and stock performance. According to InvestingPro data, Getaround currently holds a market capitalization of $24.64 million, reflecting its position in the market. Despite facing challenges, the company has shown a notable revenue growth of 14.17% over the last twelve months as of Q3 2023, which aligns with the company's focus on growth as highlighted by the promotion of AJ Lee.
InvestingPro Tips suggest that Getaround operates with a significant debt burden and may have trouble making interest payments on its debt, which is a critical factor for investors to consider given the company's pursuit of profitability. However, the management's aggressive share buyback initiative indicates a confidence in the company's value proposition. With gross profit margins impressing at 90.01% over the same period, the company's ability to generate income from its sales appears robust.
Furthermore, the stock has experienced a significant return over the last week, with an 11.77% total price return, and an even more impressive 57.58% return over the last three months. This volatility in stock performance is something potential investors should be mindful of, as it can impact investment strategies.
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