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Founder or Soft Bank-backed car leasing start-up resigns after layoffs

Scott Painter, the founder or SoftBank-backed car leasing startup Fair.com, has resigned following last week's layoffs and announcement or a planned restructuring, The Verge has learned. SoftBank’s Adam Hieber is taking over as interim CEO. Painter’s brother, who was Fair’s CFO, left the company last week.

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“As I've said so often in the last few days – what we have not changed; how we do it must change, ”Painter said in an email to staff that was obtained by The Verge. “I'm so incredibly proud of the company and the team we've built, and I'm not going anywhere. I want to continue to be Fair’s fiercest lawyer, and I'm here to support the entire team, including the team or experts we've brought in to help Shar's Fair's focus on sustainable growth. "

Painter founded Fair in 2016 after founding and selling TrueCar, a massive automotive buyers guide website. The company grew to around 700 employees over the last three years, and bought a few similar car leasing and subscription startups along the way.

Fair acquired Uber leasing subsidiary (Xchange Leasing) around the end of 2017 after the ride hailing, just a few months after Dara Khosrowshahi replaced Uber co-founder Travis Kalanick as CEO. Shutting down Xchange Leasing was one of Khosrowshahi's first cost-cutting moves after the company wound up losing more money on each lease than it had originally been estimated.

Fair also bought Ford’s Canvas subscription platform earlier this year.

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