“After a decade of building TrueCar from an idea into a public company, I have come to the conclusion reached by many founders and entrepreneurs in my position: It is time for a change,” Painter said in TrueCar’s Q2 earnings release.
Painter will continue to serve as Chairman of TrueCar’s Board of Directors. Painter, a self-proclaimed “car guy,” along with existing board members Bernie Brenner, Tom Taira and Jim Nguyen, co-founded the service a decade ago.
Christopher Claus, a former executive with USAA, will direct the board’s search for a new CEO.
“I am honored to begin serving as the Lead Independent Director and look forward to working closely with the leadership team to build upon and execute the vision that Scott has created, as well as maintain a strong partnership with the company’s largest affinity partner, USAA,” Claus said.
The company’s second quarter was marked by yet more losses. Revenue ($65.3 million) and web traffic (more than 6 million views) both increased compared to 2014, and helped soften the blow of the $14.7 million net loss.
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