Vehicle listings company CarGurus promoted CFO Jason Trevisan to CEO as founder and former CEO Langley Steinert steps back from the top role to focus on product and strategy.
Steinert, 57, will become CarGurus' executive chairman, the Cambridge, Mass., company said Thursday, but will no longer lead its day-to-day operations.
Scot Fredo, 52, will take over as CFO, CarGurus said. Fredo joined the company in 2016 and most recently was the company's senior vice president of financial planning and analysis.
All three changes were effective Jan. 18, CarGurus said Thursday in a federal regulatory filing.
Steinert wrote in a letter to shareholders released Thursday that he had been transitioning oversight of CarGurus' operations during the past year to Trevisan and Sam Zales, president and COO, so he could spend more time on innovation and strategy.
"As Executive Chairman and the company's controlling shareholder, I will remain involved in the company's strategy and long-term product direction," Steinert wrote.
Steinert held a 69 percent voting stake in CarGurus as of April 2020, according to a proxy statement it filed with the U.S. Securities and Exchange Commission.
"The CarGurus' journey continues to be an exciting one, and the runway for growth ahead is long," Steinert added in his shareholders' letter. "We have the right executive leadership in place to lead our talented global team as we continue to innovate and create new value for our shareholders and our customers."
Steinert started CarGurus in 2006 after co-founding the travel site TripAdvisor. The company since has expanded its vehicle marketplace internationally, with operations in Canada and the U.K. after pulling back from some European markets last year early in the coronavirus pandemic.
CarGurus last week completed its purchase of a 51 percent stake in wholesale trading platform CarOffer for $140 million in cash and stock. The acquisition gives CarGurus' dealership customers access to wholesale functionality, in addition to the company's retail products, which include vehicle listings and financing partnerships.
Trevisan, 46, led the company through its initial public offering and several acquisitions, including online vehicle marketplace Autolist in January 2020 and the CarOffer transaction, Steinert wrote in his letter to shareholders.
"Importantly, Jason shares my passion for innovation and my deep commitment to our employees, consumers and dealer partners," Steinert wrote. "I have the utmost confidence in his leadership going forward."
In a statement, Trevisan said: "I am tremendously excited about the future for CarGurus, and I am honored to lead this talented team as we continue to innovate in our space and create products that bring value to our consumers and dealers."
Zales, 56, will continue as CarGurus' president and COO, and will manage the company's international operations and its wholesale operations, including CarOffer.
Steinert will remain chairman of CarGurus' board. Trevisan has been added to the company's board, which expanded from seven members to eight.
