Vehicle listings company CarGurus will lay off 13 percent of its global work force and end some European operations as it deals with the economic impact of the COVID-19 outbreak.
The Cambridge, Mass., company said Thursday in a regulatory filing that in addition to the layoffs, it will end operations in Germany, Italy and Spain, as well as suspend expansion into new international markets. CarGurus had 921 full-time employees as of Dec. 31, according to its most recent annual report filed in February.
Several top CarGurus executives also will take a temporary 50 percent cut to their annual base salaries, effective April 16, for three months. Board members’ compensation also will be cut by about 50 percent for three months.
CEO Langley Steinert’s annual base salary remains at $10,000, according to the filing. Steinert’s annual base salary was reduced to $50,000 effective Jan. 1, 2019, after his request to align his interests with stockholders, according to the company’s proxy…