TrueCar CEO Scott Painter To Retire
Scott Painter, the CEO of TrueCar will be retiring, according to TrueCar’s second quarter financial results. Painter will step down later this year. Painter is the founder of TrueCar and will remain with the organization as the chairman of their board of directors.
In a press release Painter spoke about his sudden decision to step down. “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 a statement.
This move came with no other public indication of such a sudden change, however, the organization is thankful for his contribution. “On behalf of the board of directors, I want to thank Scott for the creativity and vision he has demonstrated during the last decade in founding the company and leading it through its public offering,” said Todd Bradley, a member of TrueCar’s board of directors. We are grateful to Scott for the leadership demonstrated by making this difficult decision.”
Painters announcement of retirement comes after the organization announced total second quarter revenue of $65.3 million, with a net loss of $14.7 million. TrueCar has made headlines in recent weeks as they very publically had their business relationship with AutoNation end and began a stronger one with Sonic Automotive. The search for successor will begin immediately. Christopher Claus, a member of the TrueCar board has been named as lead independent director of the organization. According to a TrueCar press release, Claus, a former USAA executive will focus on both building stronger ties with USAA and finding TrueCar a new chief executive officer.
Claus spoke about his position in a press release saying, “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.”
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Painter stepped on himself when he trashed car dealers. He quickly realized how small he was. Retirement = termination
TrueCar will be forced to change its business model completely or will file BK
There is no denying that Scott Painter has been a lightning rod in auto retailing for the last decade. He clearly saw the challenges, opportunities and weaknesses in the auto retailing process and worked tirelessly to leverage them for the benefit of his companies and auto retailers too. OEMs and auto dealers know we need systemic changes in our industry if we are going to be a viable retail channel into the next decade.
Knowing Scott’s past track record, I know retirement is not something that will last very long. Scott, I wish you all the best and hope you enjoy some quality family time.