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SAN FRANCISCO (Reuters) – Meal delivery service DoorDash Inc has hired Uber Technologies Inc’s head of finance to be its chief financial officer, which could put the startup closer to an initial public offering and deals another executive loss to Uber.
Tony Xu, CEO and Co-founder of DoorDash, speaks at the TechCrunch Disrupt event in Brooklyn borough of New York, U.S., May 11, 2016. REUTERS/Brendan McDermid –
Before Uber, Prabir Adarkar, the new Doordash CFO, worked on deals at Goldman Sachs (GS.N), a bank that frequently leads IPOs for Silicon Valley technology companies.
Tony Xu, co-founder and chief executive officer of DoorDash, said on Thursday that he selected Adarkar for his “sharp mind” and leadership skills.
Adarkar had been head of strategic finance for Uber since 2015, and as the most senior finance executive lead a team of more than 500 employees. His departure leaves yet another vacancy for the ride-services company, which has been without a chief financial officer for three years.
In a statement, Uber CEO Dara Khosrowshahi praised Adarkar for “improving financial controls to putting the company on a path to profitability.”
At a technology conference in Aspen, Colorado, this week, Khosrowshahi also lamented that his company’s CFO search “is taking longer than I’d like.”
“We have terrific candidates,” Khosrowshahi said at the conference, adding that he’s looking for a CFO who will stay beyond Uber’s initial public offering, planned for next year.
Reporting by Heather Somerville; Editing by Leslie Adler and Jeffrey Benkoe
SEOUL (Reuters) – South Korea’s biggest conglomerate, Samsung Group [SAGR.UL], came for fresh criticism about its ownership structure on Thursday, with the country’s antitrust chief saying it was unsustainable.
Korea Fair Trade Commission chief Kim Sang-jo took aim at the group’s circular shareholdings between companies such as Samsung C&T, Samsung Life Insurance, and Samsung Electronics.
The structure has enabled the family of Samsung heir Jay Y. Lee to retain control of the companies in the conglomerate, especially crown jewel Samsung Electronics, with minimum investments, critics have said.
“The clear fact is, the current ownership and control structure of Samsung Group, which goes from Vice Chairman Jay Y. Lee to Samsung C&T to Samsung Life Insurance to Samsung Electronics, is not sustainable,” Kim told reporters on the sidelines of a meeting with business leaders.
Samsung Group’s complex ownership structure has come for criticism earlier too, most notably from U.S. activist hedge fund Elliott Management, which proposed as a solution in 2016 that Samsung Electronics split itself into two.
Samsung Electronics rejected that proposal but accepted part of the fund’s proposals by announcing plans to cancel its existing treasury shares worth over $ 35 billion by 2018.
Fair Trade Commission’s Kim said he urges Jay Y. Lee to make a decision concerning the ownership structure, adding that Samsung Electronics Vice Chairman Yoon Boo-keun, who attended the meeting, had told him it will be considered.
A Samsung Electronics spokesman did not have an immediate comment.
Others have also questioned the group’s ownership structure recently.
The country’s top financial regulator said on Wednesday that Samsung Life Insurance must consider ways to lessen the risk of having too much of its assets concentrated in one place, including selling some or all of Samsung Life’s stake in Samsung Electronics.
“Lessening the risk of concentrated assets is key to securing financial stability, which is what we are interested in,” said Choi Jong-ku, Chairman of the Financial Services Commission.
“If there are any concerns about retaining management control (of Samsung Electronics) we are saying, look for ways to keep it while lessening the risk.”
Samsung Life Insurance is at the heart of a cross-shareholding structure in which it owns about 8 percent of Samsung Electronics, which has a market value of about $ 340 billion, according to Thomson Reuters data.
Reporting by Heekyong Yang and Yuna Park; Additional reporting and writing by Joyce Lee; Editing by Muralikumar Anantharaman
(Reuters) – Apple Inc on Wednesday appointed a new executive to oversee its Apple Music streaming business and hit 48 million subscribers, the company said.
Apple said it had appointed Oliver Schusser as vice president of Apple Music and international content. Schusser, who joined Apple 14 years ago, will report directly to Apple senior vice president Eddy Cue and will also oversee Apple’s services outside the United States, including the App Store and iTunes.
Apple’s top streaming music rival Spotify Technology SA has 71 million so-called premium subscribers, a figure that includes users who have given the company a credit card number for a free trial. Spotify became a public company earlier this month after holding a so-called direct listing on the New York Stock Exchange.
On a comparable basis, the Apple Music service has 48 million subscribers, 40 million of whom are paying subscribers and 8 million of whom are on a free trial, Apple said. Both firms charge $ 9.99 a month for streaming music but provide discounts for student and family plans.
Variety magazine earlier reported the new subscriber figures and Schusser’s promotion. He previously built up Apple’s services businesses outside the U.S. in 155 markets, including China, Japan and Latin America, Apple said.
Apple’s services business, which includes Apple Music, the App Store and iCloud, is becoming increasingly important to the Apple’s financial outlook because the smart phone market has matured and iPhone sales growth has slowed. In its most recent quarter, Apple’s services business grew 18 percent to $ 8.4 billion, missing analyst expectations of $ 8.6 billion.
(This version of the story corrects paragraph 1 to Wednesday instead of Thursday)
Reporting by Stephen Nellis; Editing by Bernadette Baum
Facebook has hired a former NBC and CNN journalist to lead its news partnerships team, a major hire as the platform deals with criticism over its role in spreading misinformation around the election.
Campbell Brown will be filling the new role, which was first posted in December. Brown previously worked as a television reporter centered on politics for NBC, later moving to CNN, where she continued to cover politics. She helped anchor CNN’s 2008 election coverage and hosted various shows. CNN and Brown parted ways in 2010.
Most recently, Brown started an education-focused non-profit focused
Brown announced the move in a Facebook post. Read more…