---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-071178"
form_type: "8-K"
ticker: null
cik: "0001327318"
company_name: "TrueCar, Inc."
filed_at: "2023-06-14T23:59:59+00:00"
generated_at: "2026-06-14T01:01:43.708561+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# TrueCar cuts 24% of workforce (102 jobs); expects $20M annual savings; appoints new CEO

## Summary
- Restructuring reduces workforce by ~102 positions (24%); expects ~$7M in charges mostly in Q2/Q3 2023.
- Annualized expense reduction ex-stock comp over $20M; cash balance $146.5M as of May 31, 2023.
- CEO Michael Darrow terminated; COO Jantoon Reigersman appointed President and CEO effective June 15, 2023.
- TrueCar anticipates breakeven or positive Adjusted EBITDA and double-digit YoY revenue growth in Q4 2023.

## SEC filing metadata
- accession: 0001104659-23-071178
- form_type: 8-K
- cik: 0001327318
- company_name: TrueCar, Inc.
- filed_at: 2023-06-14T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1327318/000110465923071178/0001104659-23-071178-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1327318/000110465923071178/tm2318504d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-071178
- JSON: https://secwatch.observer/filing/0001104659-23-071178.json
- Plain text: https://secwatch.observer/filing/0001104659-23-071178.txt

## Key facts
- Executive change
  Jantoon Reigersman was appointed as President and Chief Executive Officer at TrueCar, Inc..
  - Action: appointed
  - Role: President and Chief Executive Officer
  source text: appointed Jantoon Reigersman, the Company’s Chief Operating Officer, as the Company’s President and Chief Executive Officer, effective as of June 15, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1327318/000110465923071178/0001104659-23-071178-index.htm
- Executive change
  Michael Darrow was terminated as President and Chief Executive Officer at TrueCar, Inc..
  - Action: terminated
  - Role: President and Chief Executive Officer
  source text: the Company terminated the employment of Michael Darrow as President and Chief Executive Officer of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1327318/000110465923071178/0001104659-23-071178-index.htm
- Restructurings & Charges
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1327318/000110465923071178/0001104659-23-071178-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.