CEO of Leasing Startup Fair Inc. Steps Down

Scott Painter, who founded short-term leasing company Fair Inc. in 2016, has resigned as CEO but will remain as chairman.

The move comes a week after The Santa Monica, Calif.-base startup announced it is laying off 40% of its staff, including chief financial officer Tyler Painter (Scott’s brother). The restructuring was intended to help Fair focus on profitability.

Adam Hieber, an operating partner at Japan’s SoftBank Group, will step in as interim CEO until a permanent replacement is found. SoftBank led Fair’s $385 million Series B fundraising round last December and is providing revolving credit for Uber drivers in the U.S. to access vehicles via short term leases.

Painter previously founded online car-buying service TrueCar Inc. He left that company in 2015 as it struggled to turn a profit.