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    Ernest Garcia III

    President, CEO, and Chairman at Carvana Co
    Board
    Since 2012
    Age
    41 years
    Education
    Holds a B.S. in management science and engineering from Stanford University.
    Tenure
    Joined and co-founded CVNA in 2012, serving as President and CEO since inception and later taking on the role of Chairman after the IPO in 2017.

    Also at Carvana Co

    BH
    Benjamin Huston
    Chief Operating Officer (COO)
    DG
    Daniel Gill
    Chief Product Officer
    MJ
    Mark Jenkins
    Chief Financial Officer (CFO)

    About

    Ernest Garcia III has been a driving force at CVNA since co-founding the company in 2012.

    He has led the company as President and CEO from its inception, and later expanded his leadership by assuming the role of Chairman after the IPO in 2017, underscoring his commitment to shaping the company's strategic direction.

    He holds a B.S. in management science and engineering from Stanford University, a credential that has supported his successful career in transforming automotive retail.

    Before establishing CVNA, he honed his expertise by serving in several key roles at DriveTime Automotive Group, Inc., and as an associate in the Principal Transactions Group at RBS Greenwich Capital, developing financial models and strategies that have defined his approach to business and innovation.

    $CVNA Performance Under Ernest Garcia III

    Past Roles

    Organization Role Date Range Details
    DriveTime Automotive Group, Inc. Vice President and Treasurer and Director of Quantitative Analytics November 2009 - January 2013 Responsible for development of consumer credit scoring models and their use in deal structuring and price optimization
    DriveTime Automotive Group, Inc. Managing Director of Corporate Finance December 2008 - November 2009 N/A
    DriveTime Automotive Group, Inc. Financial Strategist January 2007 - December 2008 N/A
    RBS Greenwich Capital Associate in the Principal Transactions Group 2005 - 2006 Focused on consumer-credit-based investments

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$912,238 AnnualOriginally $930,000; voluntary salary waivers resulted in a received salary of $912,238
    All Other Compensation$712 As incurredSolely attributable to cellphone expense

    Performance Compensation

    Data from  FY 2023

    Adjusted EBITDA PSUs

    MetricDetail
    Performance MetricPositive Adjusted EBITDA
    Target/ConditionMust achieve positive Adjusted EBITDA for a calendar quarter ending on or before December 31, 2023
    Vesting Condition50% of the PSUs vested upon filing a Quarterly Report confirming positive Adjusted EBITDA on July 19, 2023
    Vesting ScheduleBinary vesting based on the achievement of the performance metric; 50% vesting on the qualifying filing
    Grant DateFebruary 22, 2023
    Number of PSUs Granted53,091
    Grant Date Fair Value$534,626
    Threshold / Max CapNo threshold or maximum level; vesting is contingent solely on achieving positive Adjusted EBITDA
    Weight in Total CompensationRepresents 9.1% of total 2023 compensation

    Core Free Cash Flow PSUs

    MetricDetail
    Performance MetricPositive Core Free Cash Flow
    Target/ConditionMust file a Quarterly or Annual Report (Form 10-Q/10-K) reflecting positive Core Free Cash Flow on or before December 31, 2025
    Vesting ConditionPSUs will vest when the performance metric is met; condition has not yet been met
    Vesting ScheduleVesting contingent upon the filing of the qualifying report (either Form 10-Q or 10-K)
    Grant DateFebruary 22, 2023
    Number of PSUs Granted53,091
    Grant Date Fair Value$534,626
    Threshold / Max CapNo threshold or cap level; vesting is binary based solely on meeting the performance metric
    Evaluation PeriodUp to December 31, 2025

    Note: Time-based RSUs and Stock Options granted in 2023 are not performance-based and therefore are not included in this performance compensation summary.