Business
EverQuote Announces Cost Reduction Plan and Appointment of Joseph Sanborn as Chief Financial Officer
Company Initiates Plan to Further Reduce Costs and Drive Towards Profitability CAMBRIDGE, Mass., June 16, 2023 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq:
About this update from Everquote, Inc.
[{"type":"text","content":"Company Initiates Plan to Further Reduce Costs and Drive Towards Profitability CAMBRIDGE, Mass., June 16, 2023 (GLOBE NEWSWIRE) -- 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 ...