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Uber cuts 400 Jobs ;(

Uber is slashing 400 marketing positions, or roughly a third of its global marketing department,reports The New York Times. The job cuts will be drawn from several Uber offices around the world, as it prunes costs and streamlines operations following a challenging IPO earlier this year and shareholder questions regarding its lack of profitability. Uber employs about 25,000 staff globally, with roughly half stationed in the U.S. The company’s chief executive Dara Khosrowshahi told staff that the team grew too large and overlapped functions too frequently

Idea of the Day: To help your employees work through problems, try to operate an open-door policy where you can

yft said in an email to staff Monday that Jon McNeill—a former Tesla Inc. executive who was hired in early 2018 as chief operating officer—is leaving the company and that his roles will be distributed to other executives.

Lyft Chief Executive Logan Green and President John Zimmer said in the email reviewed by The Wall Street Journal that it was “with gratitude that we say goodbye” to Mr. McNeill. The message didn’t offer further detail on the reason for his departure.

Mr. McNeill’s focus at Lyft included increasing driver supply and retention, a critical issue for ride-sharing companies. He received compensation valued at $32.8 million in 2018, including a $420,000 bonus “in recognition of his outstanding leadership and contributions to our 2018 performance,” according to regulatory filings.

The move by Lyft mirrors the decision of its larger rival last month to eliminate the operating chief role as it announced the departure of Barney Harford. Uber said at the time that Mr. Khosrowshahi wanted to take a more direct role in operations.

The role of operating chief generally has been on the wane at large public companies. In 2018, 32% of 673 companies examined by search firm Crist|Kolder Associates had a COO, down from 48% in 2000.

Updated: July 30, 2019 — 6:41 am
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