Gone are Robert “Tommy” McClung, EVP and CTO, and Neeraj Gunsagar, EVP and chief marketing officer, according to a June 20 corporate filing.
The company also disclosed that it will split its technology department into separate units for products and technology.
McClung (LinkedIn profile) had been with TrueCar for more than five years. Previously, he was CEO of the competitor CarWoo, a reverse-auction site that lets shoppers choose a car and draw multiple car dealers to bid for the sale. After the company went bust, TrueCar bought its assets and brought McClung into its executive suite.
Gunsager (LinkedIn profile) had been with TrueCar for more than seven years. Previously he was a principal at Saful Capital Partners.
Although TrueCar’s revenues have been rising quarter by quarter for most of its history, they’ve dropped during the last two consecutive quarters from $94 million in Q3 2018 to $86 million in Q1 2019. The company’s share price has been in free fall for two years and is a quarter of its July 2017 high of $21.56.
News of the reorganization led to a further 2 percent drop in the share price. TrueCar is traded on Nasdaq as TRUE. It closed Friday at $5.31.