SANTA MONICA, Calif. -

Mike Darrow will become the president of ALG on Monday, as current president and TrueCar co-founder Mike Nguyen is leaving the company on Nov. 1.

In a news release Friday morning, ALG — which is a subsidiary of TrueCar — said Nguyen will remain with the company as a strategic advisor until he leaves.

Nguyen co-founded TrueCar in 2005 and has held such leadership posts as chief financial officer and executive vice president; he was named ALG president in 2015.

“We are grateful for his commitment and leadership over the years,” TrueCar president and chief executive officer Chip Perry said in a news release. “We look forward to working with Jim and Mike over the course of the coming year to ensure the company is positioned for success during this transition.”

Darrow is currently the executive vice president of the OEM and partner development business at TrueCar. He has been with the company since March.

“I am extremely excited to join the ALG team,” said Darrow. “ALG is the industry authority on automotive residual value projections and has a deep understanding of OEM product and pricing plans. 

“In the coming year, we will explore ways to provide greater value by better leveraging all the talent, resources and expertise across both ALG and TrueCar.  We look forward to continuing to deliver world class comprehensive analysis and insights to our clients across the industry, he continued.