Brief: TrueCar Cuts 24% Workforce, Appoints New CEO

TrueCar

14/06/2023 21:11

June 14 (Reuters) - TrueCar Inc  TRUE.O :
    * TRUECAR ANNOUNCES STRATEGIC RESTRUCTURING AND LEADERSHIP
TRANSITION
    * TRUECAR INC - RESTRUCTURING EXPECTED TO STREAMLINE
ORGANIZATION
AND REDUCE ANNUALIZED EXPENSES BY OVER $20 MILLION
    * TRUECAR INC - JANTOON REIGERSMAN APPOINTED PRESIDENT AND
CHIEF
EXECUTIVE OFFICER MICHAEL DARROW TO DEPART FROM COMPANY
    * TRUECAR INC - WORKFORCE REDUCTION IMPACTING APPROXIMATELY
102
POSITIONS, OR 24% OF COMPANY'S HEADCOUNT
    * TRUECAR INC - AS OF MAY 31, 2023, TRUECAR HAD CASH AND
CASH
EQUIVALENTS OF APPROXIMATELY $146.5 MILLION
    * TRUECAR INC - REIGERSMAN SUCCEEDS MICHAEL DARROW, WHO IS
DEPARTING TRUECAR AND VACATING HIS POSITION ON BOARD
    * TRUECAR INC - EXPECTS IN NEAR TERM AGGREGATE CASH BALANCE
COULD
DROP BELOW $125 MILLION
    * TRUECAR INC - CONTINUES TO ANTICIPATE BREAKEVEN OR
POSITIVE
ADJUSTED EBITDA AND DOUBLE-DIGIT YEAR-OVER-YEAR REVENUE GROWTH
IN Q4 OF 2023

Source text for Eikon:  ID:nPn6NkQ7sa 
Further company coverage:  TRUE.O 

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