Market Overview

Uber's Financial Services Head Quits As Company Scales Back Finance-Related Products

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Uber's Financial Services Head Quits As Company Scales Back Finance-Related Products

Uber Inc’s (NYSE: UBER) financial services unit head Peter Hazlehurst resigned Thursday as the company changes course on financial services.

What Happened

Hazlehurst’s decision to leave Uber Money is related to the company’s decision to focus on rides and food delivery and to deprioritize its finance-related projects such as credit cards and a digital wallet. 

In an email to employees, seen by Bloomberg, CEO Dara Khosrowshahi commented on the development, “I understand Peter’s decision to pursue something more aligned with his passion and initial ambitions.”

Hazlehurst announced his resignation by email to the Uber Money team. The executive led the unit since 2018. 

Why It Matters

According to Bloomberg, Hazlehurst said in an interview, “If we aren’t going crazy big on these products then I should get out of the way.”

Hazlehurst also revealed that his New York-based team is now working on projects for Uber Eats.

Khsorowshahi said that the Uber Money team will now report to Peeyush Nahar, Uber’s vice president of technology.

The exit of Hazlehurst follows others such as Jason Droege, former boss of Uber Eats and Thuan Pham, Uber’s chief technology officer, who all resigned in 2020. 

Last month Uber trimmed its workforce by thousands as it sought to acquire GrubHub Inc (NYSE: GRUB),  which ultimately partnered with the European food delivery firm Just Eat Takeaway.com (OTC: TKAYF).

Price Action

Uber shares traded 0.23% higher at $30.65 in the after-hours session on Thursday. The shares had closed the regular session 0.39% higher at $30.58.

 

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Posted-In: Bloomberg Dara Khosrowshahi Uber MoneyNews Management Tech Media Best of Benzinga

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