Uber's Chief Product Officer Resigns

Uber Technologies Inc.’s (NYSE: UBER) Chief Product Officer Manik Gupta is leaving the company, TechCrunch reported.

Benzinga · 11/19/2019 12:17

Uber Technologies Inc.’s (NYSE: UBER) Chief Product Officer Manik Gupta is leaving the company, TechCrunch reported.

What Happened To Gupta

Gupta, who started as Senior Director Product of Maps and Marketplace in 2015 and was promoted to the Chief Product Officer position in 2018, will leave the company on Dec. 13.

Uber CEO Dara Khosrowshahi will take interim charge of the product team, Gupta told TechCrunch, while the company works on finding Gupta’s replacement.

Gupta told the tech publication he would be spending time with his family for now, while looking for other opportunities and “emerging trends in the consumer internet space.”

Why It Matters For Uber

Gupta is leaving at a time when Uber struggles to turn profits for its shareholders.

The San Francisco-based company posted a net loss of $1.2 billion in the third quarter. A significant improvement from its record loss in the previous quarter, but significantly higher than the $986 million loss it posted in the third quarter last year.

Uber co-founder Travis Kalanick has sold more than $711 million worth of his shares in the company in the last two weeks, less than a month after the post-initial public offering lock-up period ended.

The company has also cut more than 1,000 jobs in different departments this year.

Price Action

Uber’s shares closed Monday 0.15% lower at $26.75.