Automotive digital marketplace TrueCar lays off 24% of its workforce

US-based automotive digital marketplace TrueCar has announced the laying off of nearly 24 per cent of its workforce, or about 102 employees, amid restructuring.

Michael Darrow, President and CEO, has also stepped down from both of his executive positions, which will be filled by Jantoon Riggersman.

Reigersman previously served as TrueCar’s chief operating officer (COO) and chief financial officer (CFO).

“The restructuring announced today better aligns our cost structure with our revenue base and is designed to make TrueCar a nimbler, more efficient company,” Barbara Carbone, incoming Chair of the Board, said in a statement.