TrueCar, a platform where people can research new and used car prices and find local dealer savings, is laying off 24% of staff due to a restructure, the company said Wednesday. About 102 people will be impacted by the layoff.
President and CEO Michael Darrow is stepping aside both from his executive roles — to be replaced by Jantoon Reigersman — and his position on the board. Reigersman previously served as TrueCar’s chief operating officer and chief financial officer.
TrueCar’s stock jumped nearly 13% in after-hours trading on the news.
“The restructuring announced today better aligns our cost structure with our revenue base and is designed to make TrueCar a nimbler, more efficient company,” said Barbara Carbone, incoming chair of the board, in a statem …
