SANTA MONICA, Calif. -

Fair officially has a new chief executive officer.

Bradley Stewart, former CEO of on-demand private aviation services platform XOJet, takes over for interim CEO Adam Hieber.

Hieber, who will remain on Fair’s board of directors, will resume duties as a SoftBank Investment Advisers operating partner. He had taken on the interim CEO post in fall of 2019, when Fair founder Scott Painter stepped down from the position, news first reported by The Verge on Oct. 30.

Painter, who is Fair’s chairman, said in Monday’s release: “Fair is transforming the car from an owned asset that loses much of its value over time into a service that can be turned on or off like the countless other subscriptions people access on their phones.

“Brad’s passion for Fair’s unique offering is evident and exciting, and his experience innovating a mobility model that eliminates unwanted elements of ownership makes him the perfect choice to lead Fair into the future,” he said.

Stewart was XOJet’s chief executive from 2013 to 2018, after joining the company as president in 2010. Before his time with XOJet, Stewart had roles with Parthenon Capital and McKinsey & Co.

"It is clear to me that Fair is meaningfully improving both vehicle access and the driving experience, while offering real value for consumers,” Stewart said. “Its high engagement among digital natives, exclusive focus on the more affordable pre-owned market, and innovative financing structures create a seamless experience that offers freedom and flexibility — both highly desired attributes among today’s modern consumers.

“Fair and its products are perfectly positioned to capture several powerful trends in mobility, and I am proud to join this dynamic company at such an exciting moment,” he said.