Uber wrote to shareholders: I will not be perfect, but I will listen to your voice

 Uber wrote to shareholders: I will not be perfect, but I will listen to your voice

Netease Technologies News, April 12, according to foreign media reports, taxi service company Uber submitted a prospectus to the Securities and Exchange Commission on Thursday, possibly becoming one of the 10 largest IPOs in the history of the United States. The companys letters to shareholders differ from those issued by previous founders. Chief Executive Dara Khosrowshahi wrote in a letter to shareholders: I will not be perfect, but I will listen to your voice. (I wont be perfect, but I will listen to you.)

The founders letter to shareholders has become an indispensable part of the promotion of the companys stock through the prospectus of well-known technology companies. Google is not a traditional company, the two founders wrote in a 2004 letter to shareholders. And Mark Zuckerberg wrote in his shareholder letter: Facebook wasnt a company at first.

Ubers letter to shareholders was written by the CEO, but it was not a co-founder. In 2017, after a series of controversies forced co-founder Travis Kalanick to resign, Costroshashi was hired as chief executive. His remarks were accompanied by business optimism and more concessions and apologies. He acknowledged the mistakes of his predecessor, Karennik, but did not imply that he could find answers to all the questions: I am not perfect, but I will listen to your voice.

Kosroshashi took over a troubled company. The former Expedia CEO defeated industry heavyweights Meg Whitman and Jeff Immelt in charge of Uber. He apologized to customers, drivers and government officials countless times and tried to make his mark in Ubers history.

The following is the full text of the letter to shareholders:

Ten years ago, Uber was born at a watershed moment in technology. The rise of smartphones, the emergence of app stores and the desire to work on demand have driven Ubers development and created a new consumer convenience standard. Initially, the idea of click the button to take the bus has become far-reaching: taxi and carpool; meals and delivery; electric bicycles and small motorcycles; autopilot cars and City Airlines.

Of course, in the process from point A to point B, we are not entirely right. Uber has become a successful start-up partly because of its strong entrepreneurial spirit, the courage to face risks, and the Uber events that caused a lot of disturbances, which have led to its constant mistakes in the process of progress. In fact, when I joined Uber as CEO, many people asked me why I had to give up my previous stable job and take a completely different job. My answer is simple: Uber is a once-in-a-lifetime company, and the opportunities it faces are so huge.

Today, Uber services account for less than 1% of global car mileage. Even in countries where services are available, only a small percentage of people have ever used our services. We have only just touched the fur on the huge markets such as food and logistics, and on how urban transport will better reshape cities in the future.

Building this platform requires the courage to challenge orthodoxy, rebuild oneself, and sometimes even subvert oneself. Over the past decade, as customer needs and preferences have changed, we have also changed. Now, once again, we are different: becoming a public company.

Taking this step means that we have greater responsibility for shareholders, customers and colleagues. Thats why over the past 18 months, we have been improving corporate governance and board oversight; building a stronger and more cohesive management team; and making the necessary changes to ensure that our corporate culture values teamwork and encourages long-term commitment.

Since we have not finished one percent of our work, we will focus on the future. We will optimize customer happiness and loyalty, not lower marginal costs or increase the number of transactions. We will not shy away from making short-term economic sacrifices for obvious long-term interests.

Our continued success will come from excellent execution and the strength of the platform we are striving to build. Our network covers tens of millions of consumers and partners and is one of the largest independent working platforms in the world. Our engineering and product teams are solving some of the most difficult problems in the physical and digital world. Our regional operation team constantly builds and operates our business and becomes a real citizen of the city.

I want to conclude with my commitment to you: I will not be perfect, but I will listen to your voice; I will ensure that we respect our customers, colleagues and our city; I will run our business with enthusiasm, humility and integrity. (Han Bing)

Source: Responsible Editor of Netease Science and Technology Report: Wang Fengzhi_NT2541