TrueCar, an automotive digital marketplace, will be laying off 24 percent of its workforce as part of restructuring that would result in $20 million of annualized expense reduction.
The cuts, which impact 102 positions, come alongside the elevation of Chief Operating Officer Jantoon Reigersman to the role of chief executive officer.
As of May 31, the company had nearly $146.5 million of cash and cash equivalents, but its management was expecting aggregate cash balance to drop below $125 million in the near term.
TrueCar said the fourth quarter will see double-digit year-over-year revenue growth and breakeven or positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).
