Uber’s head of corporate development is leaving after 18 months in the job 



Uber’s head of corporate development who ran the company’s unsuccessful attempt to buy Grubhub and successful bid for Postmates is leaving after 18 months in the job

  • Jennifer Jarrett joined Uber in January 2019 as head of corporate development
  • Her departure was confirmed by Uber on Monday
  • Jarrett reported to Chief Financial Officer Nelson Chai during a turbulent time
  • She was present for the rollercoaster IPO in May 2019 and failed Grubhub bid 
  • She also oversaw the successful acquisition of Postmates in July 2020

Uber‘s head of corporate development has left Uber after only 18 months, following a failed bid to buy GrubHub.

Jennifer Jarrett joined the San Francisco-based firm in January 2019.

She headed up the unsuccessful bid to buy Grubbub, and the successful acquisition of Postmates. 

An Uber spokesperson told Axios, which broke the news: ‘We thank Jen for all her work at Uber and wish her all the best, wherever her next step takes her.’ 

Jennifer Jarrett joined Uber in January 2019 and her departure was confirmed Monday

She is said to be leaving to return to her previous work in the biotech industry

She is said to be leaving to return to her previous work in the biotech industry

Axios reported that she was leaving to return to the biotech industry, where she worked before Uber.

At Uber Jarrett reported to Nelson Chai, the chief financial officer.

A 55-year-old Wall Street veteran, Chai was hired in August 2018, after a three year search for the right person to take on the challenging role.

With Jarrett working alongside him, Uber went public on May 9, 2019 – four months after Jarrett joined.

Uber offered 180 million shares trading at a price of $45 per share. 

It began trading at $42 per share on the New York Stock Exchange on May 10, and the IPO raked in $8.1 billion, putting the company’s valuation at around $75 billion. 

It was the biggest IPO of the year on the NYSE and one of the 10 largest ever.

Shares have risen and fallen dramatically in value since then, with the value dropping to $26 in November. On Monday they were trading at around $33.

On Thursday almost 200 current and former Uber employees sued the company in California, accusing it leaving them saddled with millions of dollars in added tax liability after the company’s flotation last year. 

Jarrett, pictured at an Uber summit in June 2019, reported to the chief financial officer

Jarrett, pictured at an Uber summit in June 2019, reported to the chief financial officer

Jarrett was also heavily involved in Uber’s failed bid to buy Grubhub, and build upon their food delivery output which originated with Uber Eats.

On June 11 it was confirmed that Grubhub was being bought by Just Eat, in a deal which values Grubhub at $7.3 billion. 

Uber spokesperson Noah Edwardsen said at the time: ‘Like ridesharing, the food delivery industry will need consolidation in order to reach its full potential for consumers and restaurants. 

‘That doesn’t mean we are interested in doing any deal, at any price, with any player.’ 

A month later, on July 6, Uber confirmed that it had managed to expand its food delivery service, with the acquisition of Postmates in a $2.65 billion, all-stock deal. 

‘Uber and Postmates have long shared a belief that platforms like ours can power much more than just food delivery – they can be a hugely important part of local commerce and communities, all the more important during crises like COVID-19,’ said Uber CEO Dara Khosrowshahi in a statement. 

Jarrett remains on the board of four pharmaceutical firms – Arena Pharmaceuticals, Syndax Pharmaceuticals, Arcus Biosciences and Audentes Therapeutics – according to her LinkedIn.

For seven months from April 2016 she was Chief Financial Officer for biopharmaceutical firm Medivation, before the firm was bought by Pfizer for $14 billion. 

Before then she had spent 17 years working for banks, specializing in health care investment banking. 

Jarrett studied economics at Dartmouth College in Hanover, New Hampshire, graduating in 1992, before obtaining an MBA from Stanford Graduate School of Business. 


Source link

Comments are closed.