Chip Perry, AutoTrader.com's only CEO since the company began operating in 1997, will resign effective May 1.
His duties will be handled by Sandy Schwartz, who will become president of AutoTrader Group and will remain president of vehicle auction giant Manheim, according to a statement today. AutoTrader and Manheim are units of Cox Enterprises, the Atlanta-based communications, cable, and media giant.
Perry, 59, was the first employee of AutoTrader.com, the largest third-party Internet vehicle shopping site. It was unclear why Perry decided to resign and he could not be reached for comment today.
Earlier today, spokesmen for AutoTrader and Cox Enterprises said Perry retired, but this afternoon they clarified their earlier statements to say he had resigned.
Schwartz, 60, has been president of Manheim, a sibling company of AutoTrader.com, since 2011. He will continue reporting to Cox CEO Jimmy Hayes, the company statement said.
Perry guided AutoTrader.com through a series of acquisitions in 2010 and 2011 during which AutoTrader.com added software companies to help dealers run their businesses. The acquisitions included vAuto, HomeNet Automotive and VinSolutions.
AutoTrader.com surpassed $1 billion in revenue in 2011 for the first time.
