EverQuote Announces Cost Reduction Plan and Appointment of Joseph Sanborn as Chief Financial Officer
16 Juin 2023 - 10:05PM
EverQuote, Inc. (Nasdaq: EVER), a leading online insurance
marketplace, today announced plans to implement a structural
reduction of over 15% in its non-marketing operating expenses
(excluding non-cash items).
“We remain committed to managing expenses throughout our
operations. We expect this efficient cost structure will position
EverQuote for growth and profitability when the auto insurance
carriers return to their normal pattern of acquiring consumers
through digital channels,” said Jayme Mendal, CEO of EverQuote.
The Company also announced that Joseph Sanborn, who
previously served as EverQuote’s Chief Strategy Officer, has been
named Chief Financial Officer, effective today. John
Wagner, Chief Financial Officer, is leaving EverQuote to pursue
other opportunities, but will stay with the Company through the
filing of its second quarter financial results in order to ensure a
smooth transition.
“Joseph possesses a deep understanding of our business and
brings extensive strategic finance, capital markets and operational
expertise to lead EverQuote’s finance team.” said Mr. Mendal.
“As we look to the next phase of our evolution, I am confident that
Joseph is the right person for the role and will transition
seamlessly.”
Mr. Sanborn joined EverQuote in September 2019 as Senior
Vice President of Corporate Development and Strategy and has led
strategic finance and planning, corporate development and investor
relations functions. Prior to EverQuote, Mr. Sanborn had a 20-plus
year investment banking career where he worked with founders, CEOs,
and boards to drive growth and create shareholder value across
multiple stages of public and private technology companies. After
beginning his finance career at J.P. Morgan, Mr. Sanborn went on to
build and lead strategic advisory practices at multiple national
and boutique firms. He earned his Masters of Public Policy from
Harvard University, and his Bachelor of Science in Business
Administration with a concentration in accounting from Georgetown
University.
“I want to express my sincere gratitude to John for his
significant contributions to EverQuote over the last decade. John
played a critical role in preparing our company to go public, and
we achieved a number of significant milestones together post-IPO,”
said Mr. Mendal. “Importantly, John developed an outstanding
finance team that will continue to support us through our next
phase.”
Also announced today, Jon Ayotte, Senior Vice President of
Accounting and Reporting, has been promoted to Chief Accounting
Officer. He will report to Mr. Sanborn and oversee the Company’s
accounting and internal control functions. Prior to joining
EverQuote in 2020, Mr. Ayotte worked in various accounting and
auditing roles at Ernst & Young from 2006 to 2020. Mr. Ayotte
holds a Bachelor of Science in Accounting from Quinnipiac
University and is a Certified Public Accountant in
Massachusetts.
Safe Harbor Statement
Any statements in this press release about future expectations,
plans and prospects for EverQuote, Inc. (“EverQuote” or the
“Company”), including statements about future results of operations
or the future financial position of the Company, including
financial targets, business strategy, plans and objectives for
future operations and other statements containing the words
“anticipates,” “believes,” “expects,” “plans,” “continues,” “will”
and similar expressions, constitute forward-looking statements
within the meaning of The Private Securities Litigation Reform Act
of 1995. Actual results may differ materially from those indicated
by such forward-looking statements as a result of various important
factors, including: (1) the Company’s ability to attract and retain
consumers and insurance providers using the Company’s marketplace;
(2) the Company’s ability to maintain or increase the amount
providers spend per quote request; (3) the effectiveness of the
Company’s growth strategies and its ability to effectively manage
growth; (4) the Company’s ability to maintain and build its brand;
(5) the Company’s reliance on its third-party service providers;
(6) the Company’s ability to develop new and enhanced products and
services to attract and retain consumers and insurance providers,
and the Company’s ability to successfully monetize them; (7) the
impact of competition in the Company’s industry and innovation by
the Company’s competitors; (8) the expected recovery of the auto
insurance industry; (9) developments regarding the insurance
industry and the transition to online marketing; (10) the possible
impacts of inflation; and (11) other factors discussed in the “Risk
Factors” sections of the Company’s most recent Annual Report on
Form 10-K and the Company’s most recent Quarterly Report on Form
10-Q, each of which is on file with the Securities and Exchange
Commission. In addition, the forward-looking statements included in
this press release represent the Company’s views as of the date of
this press release. The Company anticipates that subsequent events
and developments will cause the Company’s views to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing the Company’s views as of
any date subsequent to the date of this press release.
About EverQuote
EverQuote operates a leading online insurance marketplace,
connecting consumers with insurance providers. The Company’s
mission is to empower insurance shoppers to better protect life’s
most important assets—their family, health, property, and future.
Our vision is to become the largest online source of insurance
policies by using data, technology, and knowledgeable advisors to
make insurance simpler, more affordable and personalized,
ultimately reducing cost and risk.
For more information, visit everquote.com and follow
on Twitter @everquotelife, Instagram @everquotepics, and
LinkedIn https://www.linkedin.com/company/everquote/.
Investor Relations Contact
Brinlea JohnsonThe Blueshirt Group415-489-2193
EverQuote (NASDAQ:EVER)
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