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Uber president Jeff Jones is quitting

recode.net

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Re: Uber president Jeff Jones is quitting

#121

Post by nomnombunty »

elvinyung wrote: post #61
fluxic wrote: post #60

Update 1: > Travis Kalanick just sent out a company-wide email. It essentially says after Uber said it was naming a COO, Jones decided to leave. [0] https://twitter.com/MikeIsaac/status/843586902817099777 Update 2: Ex-president Jones makes statement > "I joined Uber because of its Mission [sic], and the challenge to build global capabilities that would help the company mature and thrive long-term. "It is now clear, h…

Haha, from the follow-up tweets[1]: > one or two back-handed compliments in there. but alas. > (one imagines taking the high road would have been a better decision here. but hey, im not an exec) [1]: https://twitter.com/MikeIsaac/status/843587293428375553

More from the follow up tweets in regards to John's statement to Recode[1]:

> one imagines that the above statement wouldn't have come if the below email didn't include the passive aggression

[1]: https://twitter.com/MikeIsaac/status/843620898967969793

Re: Uber president Jeff Jones is quitting

#122

Post by ivraatiems »

GauntletWizard wrote: post #117
ivraatiems wrote: post #80

Earlier quoted context omitted.

Do you believe, then, that Uber breaks these laws as a form of protest, rather than because they want to maximie profit and eating the fines won't hurt their bottom line? What evidence do you have to support that belief, if so?

Why not both? Do you think that ending segregation wasn't also a major opportunity booster for the african american community? Is it impossible for something in your own interest to also be just?

It can be both, but see my reply to the latest comment in the chain. It's unwise to rely on it being both; you cannot write a blank check to a corporate entity to break rules just because you usually agree with the outcomes of breaking those rules.

Re: Uber president Jeff Jones is quitting

#123

Post by goseeastarwar »

trevyn wrote: post #79
israrkhan wrote: post #24

Given that he quit just in six months, probably he did not even wait for his RSU grants to mature (1 year cliff for stock grants). The situation might be much worse that what appears.

Leadership compensation does not work in the same way as rank and file compensation.

That's correct, but that has more to do with what happens at termination or liquidity events.

It's very likely he had to forfeit everything, including any signing bonus (1 year timebomb is standard).

Re: Uber president Jeff Jones is quitting

#124

Post by CydeWeys »

aianus wrote: post #119
CydeWeys wrote: post #30

Earlier quoted context omitted.

There's lots of other companies out there that are paying good salaries that don't have these problems. It doesn't make sense to me to seek out a ship that's taking on water to sign up for. I know some Uber employees and none of them are happy with the situation.

Of course it makes sense, they would be more desperate to hire and you would have less competition from others who have ethical problems with Uber.

How are you so blase about jumping into a toxic work environment? A little bit more money isn't worth those conditions, assuming you could even get it. And keep in mind that a lot of the compensation is going to be in Uber equity -- which is affected by this scandal.

Re: Uber president Jeff Jones is quitting

#125

Post by 794CD01 »

dralley wrote: post #44
TheCowboy wrote: post #36

Earlier quoted context omitted.

There is still the problem that without the competition that Uber provides, Lyft likely becomes a more typical company and begins increasing their margins in ways that customers and employees dislike.

Uber's rates are already unsustainably low. Competition is one thing but unhealthy, unsustainable competition is another thing entirely. It's probably for the best that rates go up a bit.

Best for who? It's better for riders if rates stay unsustainably low and they can get discounted rides at the expense of VCs.

Re: Uber president Jeff Jones is quitting

#126

Post by jackmott »

Gargoyle wrote: post #96
kosei wrote: post #87

Earlier quoted context omitted.

Not sure if this update came before the HN share, but this is a very explosive statement from Jones: “It is now clear, however, that the beliefs and approach to leadership that have guided my career are inconsistent with what I saw and experienced at Uber, and I can no longer continue as president of the ride sharing business."

Yeah, good luck getting another career corporate exec after someone leaving says something like that in an official statement.

I would hire him. I wouldn't hire you.

Re: Uber president Jeff Jones is quitting

#127

Post by chejazi »

djsumdog wrote: post #118
M_Grey wrote: post #104

Earlier quoted context omitted.

In the most polite and urbane way possible, he's calling them toxic; in a world full of pretty toxic people and practices, he's calling them out. Until this moment I wasn't sold on the idea that Uber was going to actually die from this, now...

It's dangerous to make predictions like that. We've seen worse companies last longer. In the 2008 financial crisis, people from the bottom to the top committed outright fraud; swallowing up other banks whole (PNC bought National City for $5 billion; then got a $5 billion tax credit .. they bought National City for free .. NC wasn't allowed to apply for TARP). Ford sold tank treads to Germany. IBM made punch cards for…

I think the difference with those comparisons is that Uber is a massive startup, and startups have a high tendency to fail. Situations like Uber are the exact reason everyone was issuing warnings about "late stage private companies" last year. Uber might have lots cash on hand, but their unit economics makes them a ticking timebomb, meanwhile the constant PR is sending them into a huge tailspin.

Zenefits seems to have cleaned up with the departure of the former CEO. I'm not sure what their bankruptcy prospects were. Departure or not, I think Uber has challenges beyond their need to create self-driving cars (which the CEO claimed was existential for them).

Re: Uber president Jeff Jones is quitting

#128

Post by taneq »

Gargoyle wrote: post #97
whalesalad wrote: post #81

Earlier quoted context omitted.

You say that -- and externally the place looks like a catastrophe -- but we don't know what's going on under the covers. If they saw him as a true risk he'd be gone by now.

The question is when does he become a liability for the IPO aka VC exit?

Do you really think the Uber board is going to risk bursting that bubble with an IPO? I'd expect them to keep doing funding rounds on the basis of "it's an XX billion dollar company and its valuation is growing at YY billion/year" and try to keep the Ponzi scheme running until they get their self-driving tech working (since that's their only realistic chance of actually becoming revenue-positive).

Re: Uber president Jeff Jones is quitting

#129

Post by Gargoyle »

jackmott wrote: post #126
Gargoyle wrote: post #96

Earlier quoted context omitted.

Yeah, good luck getting another career corporate exec after someone leaving says something like that in an official statement.

I would hire him. I wouldn't hire you.

Would you hire someone to re-read what I posted? :-)

Re: Uber president Jeff Jones is quitting

#130

Post by throwaway2048 »

djsumdog wrote: post #118
M_Grey wrote: post #104

Earlier quoted context omitted.

In the most polite and urbane way possible, he's calling them toxic; in a world full of pretty toxic people and practices, he's calling them out. Until this moment I wasn't sold on the idea that Uber was going to actually die from this, now...

It's dangerous to make predictions like that. We've seen worse companies last longer. In the 2008 financial crisis, people from the bottom to the top committed outright fraud; swallowing up other banks whole (PNC bought National City for $5 billion; then got a $5 billion tax credit .. they bought National City for free .. NC wasn't allowed to apply for TARP). Ford sold tank treads to Germany. IBM made punch cards for…

those companies all make/made money. Uber bleeds money at an insane rate.
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