8-KLeadership ChangesExhibits & Filings

Uber Technologies, Inc 8-K Report, Executive Changes (Sep 28, 2023)

Filed September 28, 2023For Securities:UBER

Summary

Uber Technologies, Inc. (UBER) announced a significant leadership change in its finance department via an 8-K filing dated September 27, 2023. The company has appointed Prashanth Mahendra-Rajah as its new Chief Financial Officer (CFO), effective November 13, 2023. Mr. Mahendra-Rajah brings extensive financial leadership experience from prominent technology and manufacturing companies, including Analog Devices, Inc. and WABCO Holdings Inc., and currently serves on the board of The Goodyear Tire & Rubber Company. This appointment marks a transition for the current CFO, Nelson Chai, who will remain with Uber through January 5, 2024, to ensure a smooth handover. Investors should note the terms of Mr. Mahendra-Rajah's employment agreement, which includes a base salary of $800,000, eligibility for an executive bonus plan, a substantial restricted stock unit award valued at $10 million, a stock option award of $4 million, and a $1 million signing bonus. The signing bonus has a repayment clause tied to the length of employment, incentivizing retention.

Key Highlights

  • 1Appointment of Prashanth Mahendra-Rajah as new Chief Financial Officer (CFO) effective November 13, 2023.
  • 2Nelson Chai, current CFO, will transition out by January 5, 2024, providing overlap for a smooth handover.
  • 3Mr. Mahendra-Rajah has a strong background with over two decades of financial leadership at major companies like Analog Devices and WABCO Holdings.
  • 4New CFO's compensation package includes an $800,000 annual base salary.
  • 5Significant equity awards for the new CFO: $10 million in restricted stock units (RSUs) and a $4 million stock option.
  • 6A $1 million signing bonus is included in the agreement, with a pro-rata repayment requirement if employment ends within two years.
  • 7Mr. Mahendra-Rajah also serves as a director at The Goodyear Tire & Rubber Company, bringing external board experience.

Frequently Asked Questions

Prashanth Mahendra-Rajah has been appointed as the new CFO of Uber, effective November 13, 2023. He will also serve as Senior Vice President, Finance starting November 1, 2023.

Mr. Mahendra-Rajah will receive an annual base salary of $800,000, will be eligible for the Company’s Executive Bonus Plan, a $10 million restricted stock unit award, a $4 million stock option award, and a $1 million signing bonus.

The $1 million signing bonus is subject to repayment on a pro-rata basis if Mr. Mahendra-Rajah voluntarily resigns or is terminated for Cause before the two-year anniversary of his start date. This clause is designed to incentivize Mr. Mahendra-Rajah's long-term commitment to Uber.

Nelson Chai, the current CFO, will cease serving as CFO on November 13, 2023, but will remain with the company through January 5, 2024, to assist with the transition of his duties, ensuring continuity.