The chief technology officer of Uber Technologies Inc. UBER, +0.13% is resigning, amid a report that the ride-hailing company is discussing plans to cut about 20% of its workforce. The departure of CTO Thuan Pham was disclosed Tuesday in a Securities and Exchange Commission filing, which said his last day will be May 16. Pham has been with Uber since 2013 and is its longest-serving executive, according to The Information, which also reported the potential layoffs. The Information reported that Uber could cut more than 5,400 jobs due to a sharp drop in ridership during the coronavirus pandemic, including about 800 engineering jobs. Earlier this month, Uber withdrew its annual guidance and warned that its net losses would widen. Uber shares are down about 19% year to date, compared to the S&P 500’s 11% decline.
*By Mike Murphy via MarketWatch*