Passport CEO Bob Youakim is stepping down to transition into a role as board chairman. The change will happen over the next quarter, the company said Thursday morning.
David Evans, who was named president in January, will take over as CEO. It is unclear whether Evans will stay on permanently as president, a newly defined role at Passport. The company said on Thursday morning it has no immediate plans to backfill the position. Prior to Passport, Evans was the chief financial officer at Cardlytics (NASDAQ: CDLX). He has also worked in investment banking at Wells Fargo Securities.
Youakim has been Passport's CEO since 2010, when he founded the transportation software firm. It specializes in parking enforcement, payments, permitting and micro-mobility. Youakim was already serving on the board.
Charlotte-based Passport has more than 1,200 clients in North America and has processed more than $2 billion in payments.
“I’m extremely proud of the work that Passport has accomplished in the past 10 years to help city leaders more effectively manage their streets and sidewalks,” Youakim said in a statement. “Given the rapid shifts in the industry and opportunities that lie ahead for the company, the transition to Passport's board chair will allow me to focus on the strategic direction and next horizon of innovation."
Passport ranked No. 1,007 on last year's Inc. 5000 list, posting a three-year growth rate of 457%. It landed at No. 12 on CBJ's Fast 50 list, which ranks Charlotte's fastest-growing private businesses.
Youakim led Passport through a $65 million Series D funding round in late 2019. It was its largest capital raise to date, with previous rounds raising about $60 million total. Its next-largest raise was a $43 million Series C round in late 2017 led by Bain Capital Ventures. The firm has named Keri Gohman, a partner at Bain, to the board.
More recently, Passport launched a partnership with Google Maps, allowing app users to pay for parking through Google Maps. That capability rolled out across the firm's footprint earlier this year. Google Pay users can now access Passport's services without downloading the full app. The work with Google is an example of Passport's efforts to expand capabilities and bring third parties into the ecosystem.
Youakim navigated a tough start to 2020, with the pandemic leading to layoffs and furloughs. The company has largely recovered and continues to pursue partnerships with more and larger cities or organizations. Passport's approximately 250 employees are still working remotely.
