Three Uber executives resign
Uber Technologies Inc. is speeding up the sale of its investment in a taxi joint venture with Yandex NV, a Russian search giant.
According to a statement released by Yandex on Monday, Uber executives have been removed from the company’s board of directors.
Uber suspends work in Ukraine due to Russian attacks
San Francisco is the headquarters. Uber owns 29% of Yandex, which was valued at $800 million at the end of 2021. Uber does not own shares in Yandex, which is a publicly-traded corporation.
Yandex purchased Uber’s share in many joint ventures in August of last year. As a result of the restructuring, Uber’s share in MLU BV, a mobility-focused business that encompasses taxi, vehicle sharing, and scooter rental services, was also lowered.
Uber spokesman Noah Edvarsen said, “In light of recent events, we are actively working to expedite the sale of our remaining assets and remove our executives from the joint venture’s Board of Directors.”
Uber halted operations in nine Ukrainian cities where it operated last week.