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EX-10.1 - OFFER OF EMPLOYMENT - AutoWeb, Inc. | auto_ex101.htm |
8-K - CURRENT REPORT - AutoWeb, Inc. | auto_8k.htm |
Exhibit 99.1
AutoWeb Appoints Michael Sadowski to Chief Financial
Officer
Former Cox Automotive Executive to Lead Finance Organization
Through AutoWeb’s Next Phase of Growth
TAMPA, Fla., Nov. 19, 2020 — AutoWeb, Inc. (Nasdaq:
AUTO), a robust digital marketing platform providing digital
advertising solutions for automotive dealers and OEMs, has
appointed Michael Sadowski as executive vice president and chief
financial officer (CFO), succeeding J.P. Hannan effective Nov. 30,
2020. Hannan will remain with the company for a brief period to
facilitate a smooth transition.
Sadowski
brings a diverse background of financial and operational expertise
to AutoWeb, with more than two decades of experience in automotive,
analytics and digital marketing for companies like Cox Automotive,
GameWorks and General Electric. At Cox Automotive, Sadowski led a
variety of finance and operations functions for Kelley Blue Book,
Autotrader and Dealer.com, and worked closely with several members
of AutoWeb’s current senior leadership team.
“Mike’s
unique breadth of experience and track record of success will
undoubtedly strengthen our executive team,” said Jared Rowe,
president and CEO of AutoWeb. “After our time at Cox, I hoped
for an opportunity to work together again, and I am thrilled that
the timing aligned so well for him to join our team. Mike will be
an important part of our team as we move past the turnaround stages
of our business and focus on product innovation and growth. He
shares our philosophy and approach to running a lean and efficient
organization, and we have personally seen his relentless drive and
commitment to results.”
During
Sadowski’s time at GameWorks, he was responsible for all
revenue-generating functions—including product, analytics,
business development, and sales and marketing—as well as
digital strategies and experiences. Earlier in his career, Sadowski
served in various financial management roles at publicly traded
companies like General Electric Company and NextGen Healthcare,
Inc., where he was responsible for financial planning and
analysis (FP&A), mergers and acquisitions, strategy and
treasury functions.
Sadowski
holds a bachelor’s degree from the University of
Massachusetts’ Isenberg School of Management and an MBA from
the University of Southern California’s Marshall School of
Business. He was also a recipient of Auto Remarketing
Magazine’s 2017 “40 Under 40”
designation.
“As
we welcome Mike to AutoWeb, I want to thank J.P. for his many
significant contributions as our CFO over the past two
years,” Rowe continued. “He played a key role in
restructuring our financials and seeing us through our turnaround,
and we wish him the best in his new endeavor.”
Inducement Options
As an
inducement for joining the company, upon commencement of his
employment with the company, Sadowski will be granted options to
acquire 120,000 shares of the company’s common stock at an
exercise price per share equal to the closing price of the common
stock on The Nasdaq Capital Market on the day Sadowski commences
employment with the Company.
The
options will have a term of seven years. One third of the options
will vest on the first anniversary of the grant date, and
1/36th of
the options shall vest on each successive monthly anniversary of
the grant date for the following 24 months. Vesting of the options
will accelerate upon the occurrence of certain events, including
upon a change in control of the company or upon termination of the
grantee’s employment by the company without cause or by the
grantee for good reason.
About AutoWeb, Inc.
AutoWeb,
Inc. provides high-quality consumer leads, clicks and associated
marketing services to automotive dealers and manufacturers
throughout the United States. The company also provides consumers
with robust and original online automotive content to help them
make informed car-buying decisions. The company pioneered the
automotive Internet in 1995 and has since helped tens of millions
of automotive consumers research vehicles; connected thousands of
dealers nationwide with motivated car buyers; and has helped every
major automaker market its brand online.
Investors
and other interested parties can receive AutoWeb news alerts and
special event invitations by accessing the online registration form
at http://investor.autoweb.com/alerts.cfm.
Company Contact
Beth P.
Quezada
Communications
& Culture Manager
AutoWeb,
Inc.
949-862-1391
Beth.quezada@autoweb.com
Investor Relations Contact
Sean
Mansouri, CFA or Cody Slach
Gateway
Investor Relations
949-574-3860
AUTO@gatewayir.com