IAA, Inc (IAA) Appoints Michael Sieger to Board of Directors

IAA, Inc. (NYSE: IAA), a leading global marketplace connecting vehicle buyers and sellers, today announced that it has appointed Michael Sieger to its Board of Directors, effective immediately as of the conclusion of the Company’s 2022 annual meeting of stockholders. As a result of the appointment, IAA’s Board will expand to 10 directors, 9 of whom are independent. In addition, the IAA Board has formed an Operations Committee focused on driving operational performance.

“We look forward to Mike joining the Board,” said John Larson, Chairman of the Board of Directors of IAA. “Mike brings decades of valuable automotive insurance industry experience and has a track record of driving growth through his strategic leadership. We are also pleased to have reached a constructive resolution with Ancora Holdings Group, LLC and look forward to an ongoing dialogue with them. We are excited to benefit from Mike’s contributions, as we work alongside the management team to advance our strategic plans, navigate a dynamic market environment and drive profitable growth.”

“We appreciate the collaborative and constructive dialogue that we have had with IAA’s Board,” said Fredrick DiSanto, Chief Executive Officer and Executive Chairman of Ancora Holdings Group, LLC. “We believe IAA has a solid foundation to build upon and operates in an attractive market with significant growth opportunities. The addition of Mike and the formation of the Board Committee will be beneficial in guiding the Company forward and ensuring we achieve our common goal of creating the most value for stockholders.”

J.P. Morgan Securities LLC is acting as financial advisor and Latham & Watkins LLP and O'Melveny & Myers LLP are acting as legal advisors to IAA.

About Michael Sieger

Michael Sieger served as Claims President at Progressive Insurance from 2015 to 2021, where he was responsible for overall claims strategy and led the organization through significant growth during his tenure. Prior to this, Mr. Sieger held various roles of increasing leadership since joining Progressive Insurance in 1990, including General Manager Claims Process, General Manager Northeast Field Claims, and General Manager for the Washington and Pennsylvania regions. Mr. Sieger earned a BSEE in Electrical Engineering from Case Western Reserve University and an MBA from University of Chicago.

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