Irvine-based Autobytel Inc. is shifting gears again.
The online auto marketing company on Wednesday named a new chief executive and said it will not continue pursuing a sale of the company. Autobytel said it will continue to evaluate acquisition targets.
James Riesenbach, a former senior vice president at Time Warner Inc.’s AOL unit is set to become president and chief executive on March 20. Riesenbach worked in AOL’s search and directional media group.
Rick Post, current president and chief executive since, is set to continue as a director on the board.
The past few years have been full of turmoil for Autobytel. The company hired a new slate of executives and pushed through a major accounting restatement that hit earnings.
In late October, Autobytel said it hired Merrill Lynch & Co. to help it pursue a sale of the company.
Earlier in the year, the company had seen executive shifts. Post, who was an Autobytel board member, replaced Jeffrey Schwartz as chief executive in spring. The company then named Richard Walker as chief operating officer and Michael Schmidt as chief financial officer.
The permanent chief financial officer position had been open since Hoshi Printer resigned in November 2004 after accounting-related issues were discovered.
Autobytel embarked on a massive accounting restatement for several years.
For the quarter through September, the company said its revenue fell 6% to $30.6 million, compared to a year earlier. It posted a loss of $287,000, versus a profit of $3.2 million a year earlier.
Autobytel connects customers with local auto dealers, who pay Autobytel about $23 for leads,the bulk of the company’s revenue. The company also makes money on advertising and software sales.
