TrueCar Inc. is laying off a nearly a quarter of its work force and appointed COO Jantoon Reigersman as its new CEO to help the struggling vehicle listings company amid a restructuring.
The Santa Monica, Calif., company said Wednesday that it will cut 102 positions, or 24 percent of its work force. Reigersman, 41, replaces CEO Mike Darrow, 66, who also has left his board position.
Barbara Carbone, TrueCar’s incoming board chair, said in a statement that restructuring would help the company better align its costs with revenue “and is designed to make TrueCar a nimbler, more efficient company.”
TrueCar has been bleeding losses. In the first quarter, net losses grew to $19.6 million from a $12.4 million loss in the first quarter a year earlier and an $18.1 million loss in the fourth quarter.
The company made “this difficult decision after an extensive review” so TrueCar could “achieve its strategic priorities and create long-term shareholder value,” Carbone said. She also thanked Darrow for “his steadfast leadership and many contributions” to the company, including working as CEO permanently since 2020 and “through unprecedented challenges for our company and industry.”
Darrow, in a statement from TrueCar, said he was “proud of the groundwork that has been laid as the company’s transformation is underway.”
Reigersman began the COO job in March 2022. He also was CFO from January 2021 to February 2023.