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Jeffrey Coats will leave his post as president and chief executive of Irvine-based AutoWeb Inc., formerly Autobytel, as the company missed expectations on earnings and revenue in its most recent quarter.
The marketing company also said Thursday that Chief Financial Officer Kimberly Boren is leaving, effective April 12.
AutoWeb earned a penny a share--missing by 14 cents--with revenue of $33.3 million--a 17.5% decline year-over-year and an 8% miss on analyst expectations of $35.4 million.
Shares plunged 41% in Friday trading to a $52 million market cap. AutoWeb stock is down 55% year-to-date and 69% in the last year.
It will “work with Jeff to assist a new president and CEO during the transition,” AutoWeb Chairman Michael Fuchs said.
Coats is leaving “to begin the next chapter of his life,” according to a statement. He was appointed CEO in 2008 and served on the company's board for 20 years.
Boren was promoted to CFO in 2015, and is said to be pursing another opportunity.
Wesley Ozima, senior vice president and controller, will become interim CFO.
AutoWeb, founded in 1995, offers consumer leads and marketing services to auto dealers and manufacturers. U.S. car sales declined in 2017 for the first time in eight years.