TrueCar Inc. is shedding a virtually 1 / 4 of its work power and appointed COO Jantoon Reigersman as its new CEO to assist the struggling automobile listings firm amid a restructuring.
The Santa Monica, Calif., firm mentioned Wednesday that it’s going to lower 102 positions, or 24 p.c of its work power. Reigersman, 41, replaces CEO Mike Darrow, 66, who additionally has left his board place.
Barbara Carbone, TrueCar’s incoming board chair, mentioned in an announcement that restructuring would assist the corporate higher align its prices with income “and is designed to make TrueCar a nimbler, extra environment friendly firm.”
TrueCar has been bleeding losses. Within the first quarter, internet losses grew to $19.6 million from a $12.4 million loss within the first quarter a yr earlier and an $18.1 million loss within the fourth quarter.
The corporate made “this tough determination after an in depth evaluation” so TrueCar might “obtain its strategic priorities and create long-term shareholder worth,” Carbone mentioned. She additionally thanked Darrow for “his steadfast management and plenty of contributions” to the corporate, together with working as CEO completely since 2020 and “by means of unprecedented challenges for our firm and business.”
Darrow, in an announcement from TrueCar, mentioned he was “happy with the groundwork that has been laid as the corporate’s transformation is underway.”
Reigersman started the COO job in March 2022. He additionally was CFO from January 2021 to February 2023.