StockX announced on Friday that Scott Cutler has chosen to step down as chief executive officer, effective December 31.

Greg Schwartz, the streetwear resale platform’s co-founder, president and COO, succeeds Cutler, who will return to being an advisor for the company, a role he held prior to joining as CEO in June 2019.

Cutler, one of StockX’s earliest investors, will work closely with Schwartz, until he assumes his role as CEO, effective January 1 next year.

Co-founding the Detroit-based StockX in 2016 with Dan Gilbert, Josh Luber, and Chris Kaufman, Schwartz has served as StockX’s COO since its inception. Charged with the oversight of key functions such as product and tech, global operations, and marketing, the company has delivered industry-leading features, deepened relationships with buyers and sellers, and advanced its vision and values under Schwartz’s leadership, according to a press release.

In his role as CEO, he will continue to extend the company’s reach through brand growth, category diversification, and market expansion. 

“As a co-founder of the company, I have had the opportunity to work with an incredible team across different functions and have worn a number of hats in addition to my role as COO but there is no role that I feel more honored to assume than that of StockX’s CEO,” said Schwartz.

“From the moment we launched the business in Detroit in 2016, we knew we were building something special and to see how far we’ve come has been one of the achievements of which I’m most proud. I am grateful to have been able to attract a talent like Scott and to have had the benefit of his leadership. As we look to the next phase of the StockX journey, I intend to double down on our brand growth and product innovation to deliver best-in-class customer experiences that will help us to continue to scale globally.”

Last month, StockX revealed the appointment of Nick Karrat to the role of chief marketing officer, who joined the Michigan-based company from lifestyle brand, Tommy John, where he was CMO.