CarsGuide CEO Resigns

SYDNEY – April 19, 2013: Carsguide.com.au’s Chief Executive Officer, Michael Schreck, today announced his resignation from the automotive joint venture. Schreck joined the company in May 2011 and has led the business through the relaunch of the new joint venture between News Limited and a consortium of Australia’s largest car dealers.

Mr Schreck said “I am incredibly proud of the team and what we have accomplished over such a short period of time. There is a tremendous market opportunity ahead particularly when I look toward our company roadmap which is full of exciting plans and innovations”

“As part of our Board discussions of the road that lies ahead, I reached the conclusion and advised the Board that the time was right to begin a process to identify my successor, however I look forward to continuing to work closely with the team and interim CEO to ensure a smooth transition, so that we continue to drive the business forward" continued Schreck.

Greg Duncan, Chairman of Carsguide.com.au said: “On behalf of the staff and board, I sincerely thank Michael for establishing the new Carsguide.com.au as the inaugural CEO. The company would not be in the improved position it is in without his knowledge, relationships and hard work. We wish him well for future successes”.

Schreck added “I also want to thank the industry as a whole for all of the support provided to me during the initial start-up phase and wish you all the very best of luck in your endeavors to create further competition in this space”.

Carsguide.com.au will announce new management appointments in the near future.