Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Jantoon Reigersman was appointed as President and Chief Executive Officer at TrueCar, Inc..
- Action
- appointed
- Role
- President and Chief Executive Officer
Exact text from the filing
appointed Jantoon Reigersman, the Company’s Chief Operating Officer, as the Company’s President and Chief Executive Officer, effective as of June 15, 2023
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Executive change
SEC 8-K Item 5.02
confidence 1.0
Michael Darrow was terminated as President and Chief Executive Officer at TrueCar, Inc..
- Action
- terminated
- Role
- President and Chief Executive Officer
Exact text from the filing
the Company terminated the employment of Michael Darrow as President and Chief Executive Officer of the Company
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
TrueCar, Inc. announced a restructuring with charges of approximately $7 million affecting organization (approximately 24% of organization’s headcount).
- Type
- restructuring
- Charge
- approximately $7 million
- Affected area
- organization
- Headcount
- approximately 24% of organization’s headcount
Exact text from the filing
On June 14, 2023, TrueCar, Inc. (the “Company”) committed to a restructuring plan (the “Plan”) in furtherance of its efforts designed to enhance productivity and efficiency, preserve profitability and streamline its organizational structure to better align operations with its long-term commitment to providing an enhanced consumer experience. As part of the Plan, the Company will realign its leadership structure and eliminate approximately 24% of organization’s headcount, which it expects will reduce expenses related to headcount (excluding stock-based compensation) by over $20 million on an annualized basis. The Company estimates that it will incur restructuring charges (excluding stock-based compensation) of approximately $7 million primarily in the second and third quarter of 2023 in connection with the implementation of the Plan, primarily in the form of cash expenditures for one-time employee benefits and severance payments, and expects execution of the Plan to be substantially com
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