KAR Auction Services, Inc. d/b/a KAR Global, an operator of digital marketplaces for wholesale used vehicles, announces the retirement of executive chairman Jim Hallett. Hallett retains his seat on KAR’s board of directors while stepping down from his roles as executive chairman for KAR and chairman of the board of directors. Michael Kestner, who has served as lead independent director since 2019, has been named chairman of KAR’s board effective April 1, 2023, and Peter Kelly continues to serve as KAR’s chief executive officer.
Hallett’s tenure with the company spans more than 25 years. He was appointed executive chairman of KAR in 2021 after leading the company as chief executive officer since 2009 and chairman of the board since 2014. Hallett joined the company in 1993 as president of ADESA Canada. He became chief executive officer of ADESA in 1996 and led the company’s IPO in 2004. In 2007, Hallett architected the leveraged buyout of ADESA and merger with salvage auction provider Insurance Auto Auctions, Inc. Hallett took the combined company public in 2009, and in 2019 led the successful spin-off of IAA, which generated significant value for KAR stockholders. Under Hallett’s leadership, KAR completed the acquisition of more than 50 wholesale auctions and other businesses, expanding the company across North America and Europe.