RumbleOn Appoints Michael Kennedy as Chief Executive Officer
October 20 2023 - 7:30AM
Business Wire
Mr. Kennedy brings more than 30 years of
Powersports Industry Leadership Experience
RumbleOn, Inc. (NASDAQ: RMBL) (the "Company" or "RumbleOn"), the
largest powersports retailer in North America, today announced that
Michael “Mike” Kennedy has been appointed Chief Executive Officer
effective November 1, 2023. In connection with his appointment as
CEO, Kennedy will also join the RumbleOn Board of Directors as of
that date. Mr. Kennedy succeeds Mark Tkach, who has served as
Interim Chief Executive Officer since June 2023.
Mr. Kennedy is an accomplished Powersports industry veteran who
brings over three decades of experience in strategy, commercial
operations, financial management, and manufacturing at leading
Powersports companies.
Mr. Kennedy spent 26 years at Harley-Davidson, culminating in
his role as Vice President & Managing Director, Americas from
2010 to 2017, where he managed a network of 800 dealers throughout
North America and Brazil. More recently, he served as President and
Chief Executive Officer of Vance & Hines (2019 to 2023), where
he oversaw strong organic growth, margin expansion and value
creation.
“We are very excited to welcome Mike Kennedy as our CEO,” said
Steve Pully, Executive Chairman of the RumbleOn Board of Directors.
“After carefully considering a wide range of candidates, the Board
is confident that Mike is the ideal choice to lead RumbleOn through
its next chapter of growth and shareholder value creation. Not only
does Mike share the Company’s passion for Powersports, but he is
also a seasoned leader with a proven track record of driving
significant positive transformation.”
"I am thrilled to entrust the leadership of RumbleOn to Mike
Kennedy, an executive who has a sustained history of delivering
success in the Powersport industry," said Mark Tkach, Interim CEO.
"We now have a remarkable depth of talent throughout our team, and
I am confident that Mike’s extensive knowledge and history of
success in this industry makes him the right leader to unlock the
value in RumbleOn for our shareholders. I am confident that Mike is
the right choice to lead RumbleOn."
Mike Kennedy commented: “I am impressed with the recent
transformation that began at RumbleOn in June of this year. I’m
extremely optimistic and excited about the opportunity to lead
RumbleOn as its Chief Executive Officer and will continue the
positive change that the current board and management have started.
I’ve known Mark Tkach and Bill Coulter since my time at
Harley-Davidson. I’m honored to have their confidence along with
the rest of the Board to lead RumbleOn.”
About RumbleOn
RumbleOn is the largest powersports retailer in North America,
offering a wide selection of new and used motorcycles, all-terrain
vehicles, utility terrain vehicles, personal watercraft, and other
powersports products, including parts, apparel, accessories, and
aftermarket products from a wide range of manufacturers. We operate
55 retail locations, each equipped with full service departments,
as well as five regional fulfillment centers. Our retail locations
are primarily located in the Sun Belt of the United States. To
learn more please visit us online at https://www.rumbleon.com/.
Notice Regarding Inducement Grant
In connection with his appointment, Mr. Kennedy was granted an
award of performance-based stock options to purchase 825,000 shares
of the Company’s Class B common stock, which will vest in
installments over five years starting on the grant date, subject to
meeting certain stock performance thresholds and Mr. Kennedy’s
continued service with the Company through each such vesting date.
The award was granted as a material inducement to Mr. Kennedy’s
employment and was approved by the Compensation Committee of the
Company’s Board of Directors, in accordance with Nasdaq Listing
Rule 5635(c)(4). The award was granted outside of the Company’s
2017 Stock Incentive Plan, as amended.
Cautionary Note on Forward-Looking Statements
This press release may contain "forward-looking statements" as
that term is defined under the Private Securities Litigation Reform
Act of 1995 (PSLRA), which statements may be identified by words
such as "expects," "projects," "will," "may," "anticipates,"
"believes," "should," "intends," "estimates," and other words of
similar meaning. Readers are cautioned not to place undue reliance
on these forward-looking statements, which are based on our
expectations as of the date of this press release and speak only as
of the date of this press release and are advised to consider the
factors listed under the heading "Forward-Looking Statements" and
"Risk Factors" in the Company's SEC filings, as may be updated and
amended from time to time. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231020419315/en/
Investor Inquiries: Dawn
Francfort ICR, Inc. investors@rumbleon.com Will Newell
investors@rumbleon.com
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