Painter will be replaced by Kirk Shryoc, Managing Partner and Co-Founder of Hard Right Solutions LLC, a software and consultancy firm, reports Auto Finance News. TechCrunch estimates that Fair will lose about 215 of its 539 employees, as reported on LinkedIn. Scott Painter notified employees on October 24 via email.
“While we are proud of our growth, we are here for the long term. This means that we’ve decided to take proactive steps now to ensure we are a profitable public company later.
With the help and guidance of our leadership team, I’ve decided to focus the company’s resources on strengthening Fair’s core technology and reducing costs associated with the capital-intensive supply side of our business. Going forward, Fair will be a smaller team, focused on doing fewer things well. As part of the process of achieving profitability, we’re reducing our headcount across the business.
While these are the decisions that every entrepreneur dreads making, these are important for us to be able to safeguard the future of the business we’ve all worked so hard to build.
I remain grateful for this team’s hard work and optimistic for the future. We have created an entirely new category that consumers love. We’ve served tens of thousands of customers. We’ve powered Uber drivers’ livelihoods. We’ve helped everyone get access to the car they want, when they want, for how long they want — all on their phone and without taking on debt. We all did this together. We should all be proud of these achievements and I am personally grateful to all those who have given their time and expertise to deliver the future we set out to build. "
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