Autobytel CEO Replaced Amid Delay in Results

Online automotive marketing service Autobytel Inc. replaced its chief executive Thursday in a shuffle aimed at resolving mounting accounting woes.

The company said that board member Richard A. Post succeeded Jeffrey Schwartz as chief executive and president.

Richard G. Walker, who had been in charge of corporate development at the company, was promoted to chief operating officer.

Schwartz will remain an employee and become vice chairman, the Irvine-based company said. He had been chief executive since December 2001.

A series of audits last year and this year raised questions about Autobytel’s accounting practices.

In March, Autobytel said it would have to restate its financial results for 2002, 2003 the first half of 2004. The company said it would probably post a reduction in its net income of at least $1.8 million over the 30-month period.

If Autobytel does not file the restated earnings and its 2004 financial report by May 15, its stock could be delisted by Nasdaq.

The company recently said it might be unable to meet that deadline, which Nasdaq had already extended.

Autobytel’s shares closed unchanged at $4.74 on Nasdaq.