04:37 PM EDT, 03/11/2024 (MT Newswires) -- Copart ( CPRT ) said its board appointed Jeff Liaw, its co-chief executive officer since March 2022, as its sole CEO.

Jay Adair, who has been the company's CEO for ten years to February 2022 and as co-CEO along with Liaw since March 2022, will step down, the company said late Monday. The board appointed Adair as executive chairman.

The company said the changes will come into effect from April 1.

Liaw joined Copart ( CPRT ) in 2016 as the chief financial officer before being promoted to president in 2019.