CEO of WeBuyCars owner quits after massive crash

Transaction Capital, which has stakes in WeBuyCars and SA Taxi, said on Monday CEO David Hurwitz would be stepping down at the end of 2023.

The group has been hit this year by a downturn in the taxi market and the effects of a miscalculation of used car prices, and its shares have lost almost 80% of their value so far in 2023.

Hurwitz, who joined Transaction Capital in 2005, will step down as group CEO and as a board director, and member of all group committees at the end of December, the company said in a statement late on Monday.