TrueCar (NASDAQ:TRUE) stock was not so hot to start off the week as the automotive pricing business announced that its CEO was departing the company, playing a role in causing TRUE shares to decline sharply.
The Santa Monica, Calif.-based business revealed that Chip Perry, boss and President, has now retired and will continue supporting the company in an advisory role. “I feel beyond proud of the work the TrueCar team has done over the past few years,” Mr. Perry said.
“We have righted the ship, rebuilding our dealer network to over 16,500 dealers while concurrently completing our Capsela technology replatforming effort. This is a critical foundation upon which to build a differentiated, end-to-end car buying experience,” he added.
“Additionally, TrueCar Trade and our expansion into digital retail through our DealerScience acquisition are rapidly advancing us toward becoming the preeminent shopping-to-showroom solution. With these critical puzzle pieces now in place, I believe TrueCar is well positioned to create even more fabulous new products and services that will provide significant additional value to consumers, dealers, and OEMs.”
Other company leaders chimed in on the move, including Board of Directors Chairman Chris Claus: “On behalf of the Board of Directors, I want to sincerely thank Chip for the leadership he has brought to TrueCar over the last few years, rebuilding our dealer customer base, reinventing our technology platform, and setting the stage for TrueCar’s growth as a best-in-class online automotive marketplace.”
“We are grateful to Chip and wish him all the best in his retirement,” he added. “We appreciate his deep commitment to TrueCar, and we thank him for his service.”
TRUE stock is down roughly 15% on Monday following the news.