Automobile listings firm CarGurus promoted CFO Jason Trevisan to CEO as founder and former CEO Langley Steinert steps again from the highest position to concentrate on product and technique.

Steinert, 57, will keep on on the firm as CarGurus’ government chairman, the Cambridge, Mass., firm stated Thursday, however will now not lead its day-to-day operations.

Scot Fredo, 52, will take over as CFO, CarGurus stated. Fredo joined the corporate in 2016 and most lately served as the corporate’s senior vp of economic planning and evaluation.

All three modifications have been efficient Jan. 18, CarGurus stated Thursday in a federal regulatory submitting.

Steinert wrote in a letter to shareholders released Thursday that he had been transitioning oversight of CarGurus’ operations in the course of the previous yr to Trevisan and Sam Zales, president and COO, so he may spend extra time on innovation and technique.

“As Government Chairman and the corporate’s controlling shareholder, I’ll stay concerned within the firm’s technique and long-term product path,” Steinert wrote.

Steinert held a 69 p.c voting stake in CarGurus as of April 2020, in accordance with a proxy assertion it filed with the U.S. Securities and Alternate Fee.

“The CarGurus’ journey continues to be an thrilling one, and the runway for development forward is lengthy,” Steinert added in his shareholders’ letter. “We’ve got the best government management in place to steer our gifted world crew as we proceed to innovate and create new worth for our shareholders and our prospects.”

Steinert began CarGurus in 2006 after cofounding the journey web site TripAdvisor. The corporate since has expanded its automobile market internationally, with operations in Canada and the U.Okay. after pulling back from some European markets last year early within the coronavirus pandemic.

CarGurus final week accomplished its purchase of a 51 percent stake in wholesale trading platform CarOffer for $140 million in money and inventory. The acquisition offers CarGurus’ dealership prospects entry to wholesale performance, along with the corporate’s retail merchandise, which embody automobile listings and financing partnerships.

Trevisan, 46, led the corporate by its preliminary public providing and a number of other acquisitions, together with online vehicle marketplace Autolist in January 2020 and the CarOffer transaction, Steinert wrote in his letter to shareholders.

“Importantly, Jason shares my ardour for innovation and my deep dedication to our workers, shoppers and supplier companions,” Steinert wrote. “I’ve the utmost confidence in his management going ahead.”

In an announcement, Trevisan stated: “I’m tremendously excited in regards to the future for CarGurus, and I’m honored to steer this gifted crew as we proceed to innovate in our area and create merchandise that convey worth to our shoppers and sellers.”

Zales, 56, will proceed as CarGurus’ president and COO, and can handle the corporate’s worldwide operations and its wholesale operations, together with CarOffer.

Steinert will stay chairman of CarGurus’ board. Trevisan has been added to the corporate’s board, which expanded from seven members to eight.