UPDATED: Story has been updated to correct start date of Lev Peker.

CarLotz announced on Tuesday afternoon that the last day of employment for co-founder and chief executive officer Michael Bor will be Wednesday.

The company also appointed Lev Peker as its new CEO, who will be taking on the role effective April 18.

The company moves coincided with the release of a mobile app and CarLotz’s fourth-quarter and full-year financial statements.

“Lev brings to CarLotz an exceptional blend of senior executive leadership experience, proven industry capabilities in online retail and a track record of shareholder value creation,” said Luis Solorzano, chairman of the board for CarLotz. “We believe Lev’s record of success as a CEO, with acumen in marketing, operations, and finance, and a history leading a consumer facing, technology-enabled, and operationally complex business, make him an ideal choice to take CarLotz into its next chapter of growth.

“We believe that Lev will be instrumental in helping to strengthen and grow the business and that under his leadership, CarLotz will be positioned for long-term success,” Solorzano continued in a news release.

Peker joins CarLotz after serving as chief executive officer at CarParts.com, a leading e-commerce provider of automotive parts and accessories. Prior to that position, he was chief marketing officer at Adorama, a leading electronics retailer.

Previously, Peker held senior positions at Sears Holdings Corp. and CarParts.com.

“I am excited for the opportunity to lead CarLotz into a new era of growth and innovation,” Peker said. “With an innovative business model, I believe CarLotz has great potential to increase market share as we emerge from COVID-19 and supply chain-related challenges that have hampered sourcing and operations throughout the sector.”

Bor guided CarLotz from its inception to becoming a publicly traded last January. The company received a $5 million capital injection in 2014 and since expanded nationwide with Bor at the controls to set up vehicle hubs from Seattle to Orlando, Fla.

The company reported on Tuesday that its annual net revenue for 2021 increased 118% to $258.5 million from $118.6 million in 2020, while its retail unit sales in 2021 increased 57% to 9,748 from 6,215 in 2020.

“On behalf of the board of directors, employees in the Richmond headquarters and throughout the U.S., and our business partners, we thank Michael for his vision, leadership and support,” Solorzano said about Bor, who along with his colleagues were finalists for the EY Entrepreneur of the Year 2019 Mid-Atlantic Award.

“Michael and the founding team saw an opportunity in the consignment marketplace and built a business that is changing the car buying and selling experience. We continue to see significant opportunity in CarLotz and look forward to its next chapter led by Lev,” Solorzano went on to say.