Market Overview

Uber Eats Top Executive Resigns

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Uber Eats Top Executive Resigns

Uber Technologies Inc.’s (NYSE: UBER) food delivery arm Uber Eats’ head Jason Droege has resigned.

What Happened

Pierre-Dimitri Gore-Coty, who is the Vice President of International Rides at Uber, will replace Droege as the head of Eats. Droege will stay at the helm at Eats until June to help with the transition.

Droege announced his decision to leave Eats on Twitter.

In a filing made to the Securities and Exchange Commission (SEC), Uber’s CEO Dara Khosrowshahi praised Droege, “Jason’s vision, leadership, analytical mind and entrepreneurial spirit have been the driving force behind Eats’ incredible success, and great assets both to Uber and to me personally.” 

Khosrowshahi also hoped that Gore-Coty, who has more than eight years of experience at Uber, will “capture the many opportunities that lie ahead for Eats.”

Why It Matters

Droege was the executive who helped launch Uber Eats in December 2015.

The company’s food delivery service has been recognized as one of the top 100 U.S. brands.

Uber declared its Q4 2019 results this month and reported a 37% year-over-year growth in revenue.

Uber Eats made up 75% of Uber’s total adjusted losses before tax, depreciation, and amortization in the quarter ending December 2019.

Price Action

Uber shares traded 0.70% lower at $35.64 in the after-hours session on Tuesday. The shares had closed the regular session 6.32% lower at $35.89.

 

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