Uber Shares Tumble Back Below The IPO Price After COO, CMO Depart

Uber share are down after-hours following reports that, just days after its dismal IPO, the company’s COO and CMO will both be leaving the company.

Bloomberg reports that Barney Harford, the chief operating officer, had been largely shielded from the public spotlight after he was the subject of an internal review over racially insensitive remarks last year.

“Over the years, I’ve learned that at every critical milestone, it’s important to step back and think about how best to organize for the future. Given that we’re a month past the IPO, now is one of those times,” Khosrowshahi wrote in an email Friday to employees.

“I now have the ability to be even more involved in the day-to-day operations of our biggest businesses, the core platform of Rides and Eats, and have decided they should report directly to me.”

Rebecca Messina, the chief marketing officer, had only been at the firm for nine months.

Shares in Uber started falling ahead of the bell and extended those losses after, back below the IPO price…

Bloomberg reports that two longtime Uber executives are being promoted to fill the void. Andrew Macdonald, who began working for Uber in 2012 as a general manager in Toronto, will lead operations. Jill Hazelbaker, who runs policy and communications, will add the marketing department to her portfolio. Both were hired by Uber co-founder Travis Kalanick and became trusted allies of Khosrowshahi.

These departures will likely remind many of the Tesla exodus… but at least in that case they waited a few years after the IPO… not days.



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