TrueCar Inc (NASDAQ:TRUE) stock skidded after CEO Chip Perry announced his retirement Monday morning.
The online car marketplace named Michael Darrow interim CEO. Darrow is currently executive vice president of partner and OEM development.
Investors pumped the brakes, sending the share price down more than 13% to $5.66 at midday.
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"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,” Chairman Chris Claus said. “We are grateful to Chip and wish him all the best in his retirement. We appreciate his deep commitment to TrueCar, and we thank him for his service."
Perry plans to continue with the company in an advisory capacity.
TrueCar is a digital automotive marketplace focused on price transparency. it operates within a nationwide network of 16,000 certifide dealers.
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