I thought the Postmates CEO was gonna be an important part of Uber but they laid off pretty much all of the executive team last week. Poor Postmates - I don't think the executives were thinking this when they decided to sell the company. Uber just keeps laying off! https://www.nytimes.com/2021/01/23/technology/uber-postmates-layoffs.html
Rule number one in acquisitions- find the teams where they do same work, fire the team that’s from the company that’s acquired. Have seen this more than 10 times in the last few years. Still the first question that’s asked when a company is acquired is - am I going to get a hike? Am I going to get more RSUs? 🤦🏻♂️, when your company is acquired, prepare to be fired.
Probably with a nice severance, though.
Yep, this happens everywhere, not just at Uber
Lol the exec team prob got multi million exit packages. Don’t feel bad for them
Thats my first thought. These dudes probably also got the most out of an acquisition having more RSUs. They didn't care they were going to be fired when they got acquired. Feel bad for the poor schlub in hr who's job was left redundant
The article said they would get 7 figure packages.
It’s a blessing for the executive team. It’s usually the other way round: the execs have to stick around for a while even when they don’t want to.
Duh, everyone saw this coming a mile away. Uber needs to be regulated NOW
This happens every day in the world of M&A. Ever heard of merger consultants, transaction consultants? They literally help tell you who to lay off. Nothing new, never has been.
Regulated for what? They’re going to have a hard enough time surviving already.
Don’t worry I’m SURE they got huge buy outs and severance packages
Some Postmates vice presidents and other executives will leave with multimillion dollar exit packages, the people said. Some employees may also see reduced compensation packages, the people said, while others will be asked to leave or serve out the end of their contract positions, which could lead to more exits in coming months.
They’re trying to force us out. Some got fixed terms with a cash bonus and severance at the end, with similar roles at Uber for the 3-6 months. While others weren’t so lucky, got demotions and less comp.
^^
Lol that's part of the aquisition game, they are totally fine with it, severance and their equity becoming liquid is well worth it.
Eat the rich 😍
😋
Can I order The Rich for delivery on Uber Eats?
That'a usually expected right? But I'm pretty sure they will be good for the rest of their life. Probably start another company together?
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That’s some National Geographic shit. Uber executives take over another company and lay off their top bananas.
Amazon will accept the free bananas, thanks
Only to pip them later as well