TrueCar Layoffs: Automotive Digital Marketplace Lays Off 102 Employees Amid Restructuring

San Francisco, June 15: US-based automotive digital marketplace TrueCar has announced the laying off of nearly 24 per cent of its workforce, or about 102 employees, amid restructuring.

Michael Darrow, President and CEO, has also stepped down from both of his executive positions, which will be filled by Jantoon Riggersman. Chegg Layoffs: US-Based Online Learning Platform To Fire 4% of Its Workforce As AI Risks Business.

Reigersman previously served as TrueCar's chief operating officer (COO) and chief financial officer (CFO).

"The restructuring announced today better aligns our cost structure with our revenue base and is designed to make TrueCar a nimbler, more efficient company," Barbara Carbone, incoming Chair of the Board, said in a statement.

"We made this difficult decision after an extensive review and believe that it is necessary to enable TrueCar to achieve its strategic priorities and create long-term shareholder value," she added.

Moreover, the company said that the restructuring is expected to result in non-recurring cash payments of approximately $7 million, primarily in the second and third quarters of 2023, and an annualised reduction in expenses exclusive of stock-based compensation of over $20 million. Happiest Minds Hiring Push: Tech Firm to Hire 1,300 Engineers As Demand for Custom AI Bots Reaches All-time High.

As of May 31, 2023, TrueCar had cash and cash equivalents of approximately $146.5 million. However, the company expects that in the near term, this aggregate cash balance could drop below $125 million.

(The above story first appeared on LatestLY on Jun 15, 2023 12:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).