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UBER's Chief Technology Officer Steps Down After Short Stint
Uber Technologies’ (UBER - Free Report) chief technology officer, Sukumar Rathnam, has resigned after a short stint with the company, according to reports.
Rathnam joined Uber last September, replacing Thuan Pham, who served the company for seven years. Previously, Rathnam served as the vice president of Amazon.com (AMZN - Free Report) . Prior to that, he worked at Microsoft and Oracle. While Uber carries a Zacks Rank #3 (Hold), Amazon.com carries a Zacks Rank #4 (Sell).
To help with the transition, Rathnam will stay with Uber for a few more weeks before departing next month, according to an email he sent t his team, which was seen by Bloomberg. An Uber spokesman said that the company does not have any plans to replace Rathnam as of now.
Uber Technologies, Inc. Price
Uber Technologies, Inc. price | Uber Technologies, Inc. Quote
The reason behind Rathnam’s resignation is unclear. He is yet to respond to a request for comment. Uber’s eight engineering leads will now report directly to the company’s CEO, Dara Khosrowshahi.
According to the Bloomberg report, in an email to staff, Khosrowshahi said, “Sukumar is an incredible talent, and I’m grateful for his leadership and everything he has done for Uber over the last year.”
Uber has lately been embroiled in issues pertaining to driver classification. In a major blow to its operating structure in California, last month, a California court ruled that Proposition 22 (Prop 22), a ballot initiative which allowed the company to retain the independent contractor status for its drivers, was unconstitutional.
Key Picks
Some better-ranked stocks in the Internet - Services industry are HealthStream (HSTM - Free Report) and Shopify (SHOP - Free Report) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of HealthStream and Shopify have rallied more than 31% and 28% so far this year respectively.