TrueCar rises on workforce cut of 24%, new CEO

TrueCar

14/06/2023 21:40

** Shares of automotive digital marketplace TrueCar  TRUE.O 
up 7.7% at $2.66 in extended trading
    ** Co plans organizational restructuring including a
workforce reduction impacting about 102 positions
    ** Says layoff is expected to result in non-recurring cash
payments of about $7 mln, primarily in Q2 and Q3 of 2023
    ** TRUE appoints Jantoon Reigersman, operating chief of the
company, as CEO
    ** For a brief period in early 2023, Reigersman also served
as CFO of TRUE
    ** Co says CEO Michael Darrow steps down from his role and
from board
    ** Up to Wednesday's close, stock had fallen 1.6% so far in
2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))