Vroom chief executive officer Paul Hennessy has stepped down from the company to pursue other opportunities, the online retailer announced Monday afternoon.

Replacing Hennessy as CEO is Tom Shortt, who was previously Vroom’s chief operating officer.

Tapped as independent executive chair of the board is Robert Mylod.

The CEO move was approved by the board and is effective immediately.

Hennessy joined the company in 2016, having previously served as CEO of Priceline.

Vroom also announced a business realignment plan, the details of which Auto Remarketing will include in future reporting.

“Today's announcement is the culmination of a thoughtful succession planning process by the board to ensure continuity of leadership while positioning Vroom for long-term success,” Mylod said in a news release. “I would like to thank Paul for his many years of service at Vroom.

“During his time as CEO, Paul oversaw Vroom’s transition from a start-up to one of the largest auto retailers in the United States. While doing so, he recruited and cultivated an outstanding management team — including Tom Shortt — that is now ready to lead Vroom for years to come. I am grateful for his leadership and his friendship,” he said.

Mylod continued: “Tom Shortt is a transformational leader who has already made a huge impact on our business and operations since he joined Vroom in January. He has used his substantial experience in business transformation, supply chain management, and data analytics to address our immediate operational challenges and improve our business processes. He is now relentlessly focused on putting Vroom on a path that will yield significant operating efficiencies through increased automation. He is absolutely the right person at the right time to take the wheel at Vroom and drive us towards profitable growth and shareholder value creation. I could not be more excited to be in a position to help Tom achieve these critical goals.”

In the release, Shortt added: “I am humbled to step into the position of CEO at this important time and even more excited about the opportunity at Vroom than I was when I joined the company.

“With our realigned business strategy, our dedicated and talented Vroommates and our commitment to delivering an exceptional customer experience, Vroom is poised for long-term success,” he said