Jim Yates, a co-founder of vehicle inspection and software company Alliance Inspection Management, retired from his role as CEO effective immediately, AiM said.
Yates, who has more than 40 years of experience in the auto industry and helped to found AiM in 2005, now will move into a 12-month role as a consultant while the board of directors searches for a replacement.
CFO Joe Rakauskas was named interim CEO, the Long Beach, Calif., company said in a news release on Wednesday. AiM said its board will move "quickly" to find a successor.
"I am extremely proud of what we've accomplished since founding AiM more than 10 years ago," Yates said in a statement. "We set out to create the industry's first truly independent, objective, third-party inspection company, and we are now the leading inspections provider in the automotive industry."
AiM, which says it inspects more than 12 million vehicles in North America each year, has clients including Ford Motor Co., Toyota Motor Corp. and Nissan Motor Co. Manheim, the largest U.S. auto-auction company, bought a minority stake in AiM in 2015 as part of a "strategic alliance" to improve consistency in inspections.
Before his stint at AiM, Yates was a fixture in the automotive industry, beginning as a dealer before working with automakers such as Chrysler and Nissan.
"Jim has seen the auto industry grow and evolve through numerous business cycles," Rakauskas said in a statement. "His ongoing commitment to innovation helped AiM take advantage of emerging technology trends that benefited our clients and the automotive industry. AiM will continue to gain from his remarkable work and ideas in the years ahead."