Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On February 21, 2023, the Board of Directors (the "Board") of HyreCar Inc. (the
"Company") terminated the employment of its President, Brian Allan, effective
February 21, 2023.
Additionally, on February 21, 2023, the Board appointed Eduardo Iniguez to serve
as the Company's Chief Executive Officer. Mr. Iniguez had been serving as the
Company's Interim Chief Executive Officer since December 8, 2022 and will
continue to serve as the Company's Chief Financial Officer in addition to his
role as Chief Executive Officer.
A description of Eduardo Iniguez's business experience which is required to be
disclosed by Item 401(e) of Regulation S-K can be found in the Company's 8-K
filed on September 19, 2022 and is incorporated by reference herein.
On February 21, 2023, the Board also appointed AJ Lee as the Company's Chief
Operating Officer.
Mr. Lee, 38, joined the Company as the Senior Vice President of Growth in
January 2022 and currently leads the Company's Sales, Marketing, and Operations
functions. Prior to joining the Company, Mr. Lee served as the Senior Vice
President of Growth at Airspace Technologies, a logistics company using
artificial intelligence and machine learning to move time-critical shipments, a
position he held since July 2021. Prior to Airspace, between September 2018 and
July 2021, Mr. Lee held various positions at NEXT Trucking, a digital freight
marketplace, including Senior Vice President of Marketing and Growth Strategy,
where he led the growth marketing, expansion, and marketplace strategy teams.
Prior to NEXT Trucking, Mr. Lee also held management roles with Amazon and
Vanguard. Mr. Lee is a 2006 graduate of the University of Pennsylvania, where he
received a BA magna cum laude, and received an MBA from the Tuck School of
Business at Dartmouth in 2013 and an MPA from the Harvard Kennedy School in
2014.
In connection with Mr. Iniguez's appointment as Chief Executive Officer, the
Board approved an annual base salary of $450,000 for Mr. Iniguez. In connection
with Mr. Lee's appointment as Chief Operating Officer, the Board approved an
annual base salary of $350,000 for Mr. Lee.
There are no arrangements or understandings between Mr. Iniguez or Mr. Lee and
any other person related to their appointments as Chief Executive Officer and
Chief Operating Officer, respectively. There are no family relationships between
Mr. Iniguez or Mr. Lee and any director, executive officer, or person nominated
or chosen by the Company to become a director or executive officer of the
Company. The Company has not entered into any transactions with Mr. Iniguez or
Mr. Lee that would require disclosure pursuant to Item 404(a) of Regulation S K
under the Securities Exchange Act of 1934, as amended.
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