TrueCar Replaces CEO as Restructuring Eliminates 24% of Staff

TrueCar Inc. Chief Executive Officer Michael Darrow stepped down as the online vehicle marketplace announced a cost-cutting plan that will eliminate more than 100 jobs.

Jantoon Reigersman, who has served as TrueCar’s chief operating officer since March 2022, will take over the top post, according to a statement Wednesday. Darrow, who was appointed CEO in 2020 after a stint as interim head, also vacated his board seat.

The job cuts, accounting for 24% of TrueCar’s workforce, underscore the volatility in the US car market that has been weighing on the likes of used car retailers Carvana Co. and CarMax ...