Scott Painter, chief executive of leasing startup Fair, is the latest executive to depart the company. He resigned yesterday, a week after Fair announced that it would lay off 40% of its staff to increase profitability.
Adam Hieber, an operating partner of Fair investor SoftBank, will take over as interim CEO.
Painter founded Fair in 2016 after founding and selling TrueCar, an automotive buyers’ guide website. The company grew to around 700 employees in the past three years, buying the assets of Ford Motor Credit’s subscription service Canvas in September and Uber’s Xchange Leasing portfolio in January 2018.
Fair had been in growth mode, securing a $500 million revolving credit facility from Mizuho Bank last month and adding three tech veterans to its leadership team in August with an eye toward international expansion.
Among the employees let go last week was Chief Financial Officer Tyler Painter, Scott Painter’s brother.