On Wednesday, Copart announced that its board of directors has appointed Jeff Liaw, who has been serving as president and chief executive officer North America, to be co-CEO in a move that’s effective on Friday.

According to a news release, Copart said Jay Adair will continue his leadership of the company as co-CEO and as a member of the board of directors.

The company recapped that Liaw joined Copart in 2016 as chief financial officer and was promoted to president in 2019. He was named CEO North America last February.

Prior to joining Copart, Liaw served as the CFO of FleetPride and as a principal of TPG Capital Management, a private equity firm.  

“We are pleased to appoint Jeff as co-chief executive officer. As president and more recently, CEO North America, Jeff has demonstrated an unparalleled ability to drive innovation, inspire his colleagues and enhance our strong partnerships with customers.” said Willis Johnson, chairman of Copart’s board of directors

“Jay’s continued oversight of strategy, business development, capital allocation, and the company’s vision will allow collaboration with Jeff, further strengthen the leadership of Copart and ensure continuity in management and succession planning. I look forward to the continued success of Copart under their partnership,” Johnson continued.

The news release also contained comments from both Adair and Liaw.

Adair said, “I’m honored to partner with Jeff as co-CEO. Working with Jeff over the past six years, I have been impressed with his understanding of our operations, his relentless focus on improving our processes and performance across the organization, and the insights his prior experiences have brought to our team. Jeff is an extremely talented leader and I have never been more confident in our future.”

Liaw added, “I am thrilled to accept this new role and thank Willis, Jay, and the rest of the organization for their trust in me. We remain committed to innovation and excellent customer service as the path to our continued profitable growth.”