New CEO Jantoon Reigersman starts with a $500,000 base salary, though bonus and stock payments could send his total compensation much higher.
New TrueCar CEO Jantoon Reigersman stands to make at least $500,000 in his first year in charge of the vehicle listings company and potentially millions more through a series of stock awards, according to a July 31 filing with the U.S. Securities and Exchange Commission.
Meanwhile, former CEO Mike Darrow will pull in $1 million-plus in compensation for a year after his June 14 departure, based on a June 15 regulatory filing.
Reigersman was promoted from COO to TrueCar’s chief executive on June 14 after the company replaced Darrow and announced a restructuring that has slashed 24 percent of its work force. TrueCar, of Santa Monica, Calif., lost more than $20 million in the second quarter, nearly double its loss from a year earlier.
TrueCar.com
TrueCar’s Jantoon Reigersman
TrueCar is paying Reigersman, who was 41 upon his appointment, an annual base salary of $500,000, according to the filing last month. He’s eligible for an annual bonus of 100 percent of his base salary if certain company and individual performance milestones are met. In addition, Reigersman will be granted $1.5 million in restricted stock that vests in three segments on his first, second and third anniversaries as CEO, subject to various performance-based milestones.
He also is eligible to be granted a long-term equity incentive award in 2024 worth $3.4 million, also subject to performance-based metrics. In addition, Reigersman may receive additional stock awards and performance-based equity.
Reigersman’s base salary as COO was $450,000 in 2022, according to the company’s 2023 annual proxy statement.
Darrow, meanwhile, gets a payout of his salary and incentives based on his contract. TrueCar will pay his $590,000 base salary for a year starting 60 days after his official June 15 termination date.
In addition, Darrow, 66, will receive a $590,000 bonus based on what he could have earned for 2023, according to his separation agreement included in the company’s second-quarter earnings regulatory filing. That money will be paid out by March 15, when other executives receive their annual bonuses, the company said. He also will receive payments to cover COBRA health care coverage for a year unless he finds employment first, according to the separation agreement.
And Darrow will get an accelerated vesting of stock options and restricted stock awards as part of his severance, the company said. He owned more than 1.6 million shares as of the company’s 2023 proxy statement.
