Monday, DealerTrack Holdings, Inc. (TRAK) revealed a realignment of its workforce and business aimed at sharpening its focus on high growth opportunities. The company intends to cut its workforce by about 90 people, or 8% of its total employees, including several executive and senior-level positions. The company currently anticipates annualized salary savings of about $7.0 million from these reductions. DealerTrack intends to continue to invest in those areas that are still showing strong growth despite the challenging economy.
The company anticipates to incur a restructuring charge in the first quarter of 2009 of between $6.8 million and $7.8 million on a pre-tax basis, including about $3.5 million to $4.0 million of net non-cash compensation expense.
In connection with this realignment, the company revealed a number of executive changes. Robert Cox, Senior Vice President and Chief Financial Officer, would be leaving the company after its Annual Report on Form 10-K is filed in February. David Trinder, Senior Vice President, Network Solutions, has left the company and Charles Giglia, Senior Vice President and Chief Information Officer, will move to a non-executive role.
The company said that Eric Jacobs has been appointed Senior Vice President and Chief Administrative Officer and will also become Chief Financial Officer upon Robert Cox's departure. Richard McLeer has been named Senior Vice President and Chief Information Officer.
All product design, development and support, including the company's ALG and Chrome businesses, have been consolidated under Raj Sundaram, Senior Vice President, Product Management and Customer Support. Lender and dealer sales, marketing, DealerTrack Digital Services and DealerTrack Canada have been consolidated under Rick Von Pusch, Senior Vice President, Sales, Marketing and International. Additionally, Gary Papilsky has been promoted to Vice President and General Counsel.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.