New TrueCar CFO is Oliver Foley

TrueCar Inc. has replaced its CFO as the company continues efforts to stabilize operations under a new leader.

Oliver Foley, 39, comes to the Santa Monica, Calif., company from Flexcar, a U.S.-based vehicle subscription business where he led the finance and accounting and risk and analytics teams that helped shape the company's business strategy and growth objectives. He starts at TrueCar on Oct. 30 and will focus on financial strategy, accounting operations, corporate finance, tax compliance and investor relations, the company said.

He succeeds Teresa Luong, who was "terminated without cause" as CFO effective Oct. 2. and will receive severance benefits, according to a regulatory filing. Luong was promoted to CFO in February after serving as senior vice president of finance. She joined TrueCar in 2014 and the company previously credited her with helping it go public that year.

Jantoon Reigersman, the company's new CEO, will serve as interim principal financial officer and principal accounting officer until Foley joins the company, the filing noted. Reigersman was previously CFO and chief operating officer.

Foley is expected to be paid a $400,000 base salary, with eligibility for a 50 percent bonus if certain milestones are met. He also gets a $75,000 signing bonus and stands to earn stock awards based on meeting incentive goals, according to the filing.

TrueCar said it also is shifting Jay Ku to chief revenue officer from chief commerce officer and Lisa Hess has been promoted to head of sales.

In June, TrueCar laid off nearly a quarter of its work force and appointed Reigersman, 41, as its new CEO to help it amid a restructuring. Reigersman replaced CEO Mike Darrow, who received a $1 million-plus payout.

TrueCar framed the restructuring as something that would help the company better align costs with revenue and make it more efficient.

The company continues to generate concerns about its finances, according to BTIG analyst Marvin Fong, who said in a Sept. 27 analyst note that the company could face revenue hits from continued high interest rates and the ongoing UAW strike. The company's changes in executive-level leadership also raise "red flags," Fong said. BTIG downgraded TrueCar shares to neutral from buy.