Uber stock hit by executive shake-up a month after the IPO

Shares of Uber Technologies Inc. fell more than 1% in the extended session Friday after Chief Executive Dara Khosrowshahi said in an email to employees the ride-hailing company’s chief operating officer and chief marketing officer are leaving.

Khosrowshahi said in the email that he and COO Barney Harford had agreed that the chief operation officer role at Uber UBER, -1.69%  “no longer makes sense” now that Khosrowshahi, a month past the company’s initial public offering, had more time to be “even more involved” in Uber’s day-to-day operations. Harford will stay on until July 1 to help with the transition.

The marketing, policy and communications teams will be combined into one, led by Jill Hazelbaker, the former senior vice president of communications and public policy, Khosrowshahi said in the email. Chief Marketing Officer Rebecca Messina is leaving after nine months on the job.

COO Harford previously was the CEO of Orbitz and was named Uber’s COO in 2017.

See also: Why Lyft, Uber and other ‘gig economy’ stocks are in trouble now

Uber last month raised more than $8 billion in an initial public offering, behind Wall Street expectations and a disappointing start for the company.

On its first day of trading, the stock fell nearly 8% below its IPO price of $45. It has recovered some ground in recent sessions to gain 9% so far this month, compared with gains around 15% for the S&P 500 index SPX, +1.05% but closed Friday at $44.15.

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