On June 29, Copart fell 5.04% in regular trading, trading at $29.015/share, with turnover of $134 million. The decline was triggered by the announcement that current CEO Jeff Liaw will step down from his role as chief executive officer and director, effective July 31.

According to the company disclosure, Executive Chairman Jay Adair, who previously served as Copart's CEO, will return to the position. Liaw will serve as a special adviser to Adair to support the leadership transition. The abrupt management change raised investor concerns regarding strategic continuity and operational stability, pressuring the stock significantly lower. While Copart's most recent earnings (reported on May 21, EPS of $0.43) showed no fundamental deterioration, the uncertainty surrounding the executive reshuffle dominated market sentiment and drove the session's sell-off.

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