- Push-out Score determined
- After 15 years in the position
- Jason Trevisan taking over
- Steinert will remain as Executive Chairman at CarGurus
- Steinert said 118 words
(exechange) — Cambridge, Massachusetts, January 21, 2021 — Langley Steinert, chief executive of CarGurus, leaves his position. As announced by CarGurus Inc. in a news release and in a regulatory filing published on Thursday, January 21, 2021, Langley Steinert has left his post as chief executive officer of the online automotive marketplace after 15 years in the role, effective January 18, 2021.
It is the end of an era.
Langley Steinert’s duties as CEO will be taken over by Jason Trevisan, most recently Chief Financial Officer and President of International of CarGurus Inc.
“It is time for me”
Langley Steinert’s departure from the CEO post is explained as follows. Steinert said: “Now, and with the Board’s full support, it is time for me to take the next step and transition out of the CEO position and into the role of Executive Chairman.”
Steinert will remain as Executive Chairman at CarGurus
“Langley Steinert, founder, will become Executive Chairman of CarGurus and will remain involved in the company’s long-term product innovation and corporate strategy. He will also continue to serve as Chairman of the Board of Directors,” CarGurus said.
CarGurus said: “On January 21, 2021, CarGurus, Inc. (the “Corporation”) announced that (i) Langley Steinert has transitioned from his role as Chief Executive Officer of the Corporation to Executive Chairman of the board of directors of the Corporation (the “Board”), (ii) Jason Trevisan, the Corporation’s former Chief Financial Officer, Treasurer, and President, International, has been appointed to serve as the Corporation’s Chief Executive Officer, and (iii) Scot Fredo, the Corporation’s former Senior Vice President, Financial Planning & Analysis, has been appointed to serve as the Corporation’s Chief Financial Officer and Treasurer, in each case, effective January 18, 2021 (the “Effective Date”).”
Share price decline since January 2020
The announcement follows a decline in CarGurus Inc.’s share price of 13% since January 2020.
In the position of CEO since 2006
Langley Steinert became CEO of the Company in 2006.
Langley Steinert is the Company’s founder and has served as the Company’s Chief Executive Officer and a member of the Company’s Board of Directors since the Company’s inception.
Steinert has served as the Company’s Chairman since September 2017 and as the Company’s President from June 2015 to February 2019.
From February 2000 through February 2006, Steinert was Chairman and co-founder of TripAdvisor, an online marketplace for travel-related content.
Steinert holds a Master of Business Administration degree from the Tuck School of Business at Dartmouth College and a Bachelor of Arts degree from Georgetown University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Langley Steinert’s move on a scale of 0 to 10.
exechange reached out to CarGurus and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 4.2021 ($).