Uber's finance head leaves; company's quarterly loss narrows

Thu Jun 1, 2017 11:54am EDT
 
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By Subrat Patnaik

(Reuters) - Uber Technologies Inc said its head of finance is leaving, and the privately held ride-hailing company also said that its first-quarter loss narrowed substantially from the prior quarter, putting it on a path toward profitability.

Head of finance Gautam Gupta is leaving in July to join another startup in San Francisco, the company said, making Gupta the latest high-profile executive to leave Uber.

Uber, which has been rocked by several high-level executive departures in the past few months as it grapples with a series of controversies, has been looking for a chief operating officer to help change its now-notorious "bro" culture.

Gupta's exit sets the stage for a second major executive search, now for a chief financial officer who has public company experience.

About a dozen top executives have left Uber since February.

The company on Tuesday fired the technology whiz it had hired to lead its self-driving unit, Anthony Levandowski, after he failed to comply with a court order to hand over documents at the center of a legal dispute between Uber and Alphabet Inc's (GOOGL.O: Quote) Waymo unit.

Uber on Wednesday said its net loss in the first quarter, excluding employee stock compensation and other items, narrowed to $708 million, from $991 million in the fourth quarter.

As a private company, Uber does not report its financial results publicly, but at times it has confirmed figures reported in the media.   Continued...

 
FILE PHOTO: A man exits the Uber offices in Queens, New York, U.S., February 2, 2017.  REUTERS/Brendan McDermid/File Photo