Uber to remove executives from Yandex joint venture -Breaking
© Reuters. A version of Uber’s logo is displayed on an unauthorised vehicle in Manhattan City, New York City. This was November 17, 2021. REUTERS/Andrew Kelly
(Reuters) – Uber Technologies (NYSE) Inc announced Monday that it will remove three of the company’s executives from its board in relation to the joint venture with Russia. Yandex (NASDAQ:) As more Western companies disengage from Moscow’s incursion into Ukraine,
Uber sold its stake last year in the joint venture for foodtech delivery and delivery, which was established in 2018 by the tech company to merge their ride-sharing services in Russia and other countries.
All of the ride-hailing firm’s holdings in Yandex’s delivery and autonomous units were sold last year. Yandex also sold its share in Yandex.Taxi to 29%. Yandex agreed to an option to purchase the rest of the shares.
Uber spokeswoman said, “We are actively seeking opportunities to accelerate our sale of our remaining holdings”
Effective immediately, the three executive directors have resigned. A single representative non-executive will take over as head of all remaining divestitures.
Yandex previously stated that it is interested in taking complete control of Yandex.Taxi’s ride-hailing services as part its plan to increase investment in online service.
Russian companies are also being pressured by Nasdaq Inc. and Intercontinental Exchange.
Yandex wasn’t immediately available to comment.
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