Copart has a new leader.

The online auto auction platform’s board of directors has appointed Jeff Liaw, who has been serving as co-CEO since March 2022, as the sole CEO and a member of the board, effective April 1, as longtime CEO Jay Adair steps aside into the new role of executive chairman.

Adair was Copart’s CEO from 2010 to 2022, and has been co-CEO with Liaw for the past two years.

“I congratulate Jeff on his continued success in leading Copar,” Adair said. “Jeff thinks like a founder, and I have no doubt he will continue to grow Copart in the years ahead with a profound focus on our customers and employees.”

Liaw joined Copart in 2016 as chief financial officer and was promoted to president in 2019. He became CEO of the North American operation in 2021 before being names co-CEO a year later.

He previously served as CFO of FleetPride as a principal of TPG Capital Management, a private equity firm.

“Today’s appointment of Jeff as CEO recognizes his significant contributions to Copart over the past eight years and the board’s confidence in him to lead Copart into the future,” board chairman Willis Johnson said. “Jay’s thoughtful succession planning has positioned Copart to seamlessly transition leadership responsibilities while continuing our tireless pursuit of delivering outstanding outcomes to our customers.”