Cazoo has appointed Moni Mannings as a non-executive director and chair of remuneration committee, following the completion of its business combination with AJAX.
Mannings currently sits on the boards of Hargreaves Lansdown, easyJet, and Investec, and is deputy chair of children’s charity Barnardos.
A qualified solicitor, Mannings worked in senior position across Dewey Ballantine, Simmons & Simmons, and Clifford Chance before a partner at Olswang from 2000 – 2016.
Commenting on the appointment, Alex Chesterman, chief executive and founder of Cazoo, said: “I am delighted that Moni will be joining the Cazoo Board once we become listed on the NYSE. Her extensive Board experience at large consumer facing, publicly listed businesses will be a great asset to us as we continue to transform the car buying experience for consumers across the UK and Europe.”
In March this year, Cazoo announced it had signed a definitive business combination agreement, worth $7bn, with AJAX – a publicly-traded special purpose acquisition company (SPAC), with the aim of being listed on the New York Stock Exchange.
Founded by US investor Dan Och, AJAX is a $805m SPAC. Essentially a shell company, SPACs are firms with no commercial operations, formed by investors to raise capital through an initial public offering (IPO), for the purpose of acquiring an existing firm.
The transaction is expected to close in the third quarter of 2021, when Mannings will assume her role on the Cazoo board.
Praising Cazoo’s achievements to date, Mannings added: “What Alex and his team have achieved so far is very impressive and the opportunities ahead for Cazoo are enormous. I am looking forward to helping to shape and be part of Cazoo’s mission to offer the best possible car buying experience to customers across the UK and Europe.”
Other Cazoo Board members will include Alex Chesterman OBE (chair & CEO), Stephen Morana (CFO), Duncan Tatton-Brown (audit chair), Dan Och (non-exec), Viscount Rothermere (non-exec), David Hobbs (non-exec) and Anne Wojcicki (non-exec).