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RumbleOn Board Announces Significant Corporate Governance Enhancements

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DALLAS, TX – May 10, 2023 – (Motor Sports NewsWire) – RumbleOn, Inc.’s (NASDAQ: RMBL) (“RumbleOn” or “the Company”) Board of Directors (the “Board”) today announced a series of corporate governance enhancements that reflect the Board’s proactive and sustained commitment to strengthening its governance practices and meaningfully refreshing the Board.

In an effort to advance the interests of all shareholders, the Board is implementing enhancements to improve the diversity of the Board, broaden the expertise and skillsets of its directors, and heighten the Board’s independence. The changes announced today also include transitions within the executive leadership team of the Company.

RumbleOn’s Board today announced the following changes:

  • The Board has approved an amendment to its bylaws to immediately separate the roles of Board Chair and CEO;
  • As a result, the Board elected Independent Director, Kevin Westfall, to serve as Chair of the Board, effective immediately;
  • RumbleOn President, Chief Operating Officer and Director, Peter Levy, has been released from his employment position with the Company without cause and has resigned from the Board, effective immediately. The Company has begun a comprehensive process to identify a successor for the Chief Operating Officer role;
  • RumbleOn Independent Directors Adam Alexander and Mike Marchlik have informed the Board that they will not seek reelection at the 2023 Annual Meeting of Shareholders; and,
  • Becca Polak has been appointed to the Board as a new independent director to fill one vacant Class I directorship. Ms. Polak was one of several highly qualified and independent candidates identified by an independent search firm hired by the Company’s Nominating and Corporate Governance Committee and was selected based on her extensive and highly relevant experience, as detailed below.

The Board will be inviting Steven Pully, founding partner of Speyside Partners and one of the director nominees proposed by shareholders and former Board members, Bill Coulter and Mark Tkach, to join the Board immediately to fill the Class I directorship vacated by Mr. Levy, subject to satisfactorily completing an interview with the Company’s Nominating and Corporate Governance Committee. Additionally, the RumbleOn Board intends to nominate Messrs. Coulter and Tkach for election to the Board at the 2023 Annual Meeting of Shareholders. The Board looks forward to Mr. Coulter and Mr. Tkach accepting their…

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