Major Updates at Copart
Adair is back as CEO for the next decade with a new growth plan.
Disclosure: Long CPRT
The Surprise Announcement
Copart surprised investors with a June 29 filing announcing that CEO Jeff Liaw would step down effective July 31.
Replacing Liaw, who spent 10 years at Copart, first as CFO, then as co-CEO in 2022, and finally as sole CEO in 2024, is Jay Adair, Copart’s Executive Chairman.
With this announcement came the company’s first-ever non-earnings-related conference call to discuss the leadership transition.
Below I’ll share my thoughts on what was said and the implications for valuation.
