TrueCar Inc. announced Monday that Chip Perry will replace Scott Painter, TrueCar’s founder, as president and chief executive of the company.

Perry, who created and served as its chief executive from the company’s inception in 1997 until 2013, will lead TrueCar as of Dec. 15.

“I’ve followed TrueCar’s progress for many years and am truly excited to be joining the company. TrueCar has built incredible tools for car buyers and retailers and has a strong base on which to grow,” Perry said in a statement. “My initial focus will be on TrueCar’s dealer partners – listening to them and finding ways to serve them better.”

With Perry at the helm, has become the world’s largest online automotive marketplace, with $1.5 billion in revenue and 16 million monthly unique visitors, a press release said. Before founding, Perry worked in the Los Angeles office of McKinsey & Co, and served as vice president of new business development at the Los Angeles Times.

The latest appointment comes after a series of high-profile departures at the Santa Monica company. Larry Dominique, executive vice president of industry solutions, announced last week that he is leaving at the end of the year, while Google in September snatched up TrueCar President John Krafcik to oversee its self-driving car division.

In addition to resigning from the position of chief executive, Painter also will resign his chairmanship and his position as a director.

“As founder of TrueCar, I’m proud of what we’ve accomplished, but it’s time for a change and we have found exactly the right person for the job,” Painter said.