Shares of TrueCar Inc. TRUE rallied more than 8% in the aftermarket Wednesday after the car-pricing platform announced a restructuring, which includes laying off 24% of its workforce, and a new chief executive. TrueCar said the restructuring is expected to “streamline” its operations and cut expenses by more than $20 million. The company appointed Chief Operating Officer Jantoon Reigersman its new CEO, replacing Michael Darrow, without providing more details. The layoffs will impact about 102 positions, TrueCar said. The company expects one-off restructuring charges of about $7 million, mostly to be incurred in the second…
Read the full article here