Former Uber Chief Legal Officer Salle Yoo Cashed In for $22.3M Stock Repurchase

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Uber's S-1 filing shows former chief legal officer Salle Yoo sold more than $22 million in Uber stock shares back to the company. Uber also attempted to highlight recent changes in legal and compliance teams in the filing.
By Caroline Spiezio | April 11, 2019 at 06:28 PM | Originally published on Corporate Counsel

Former Uber CLO Salle Yoo
Former Uber CLO Salle Yoo. (Photo: Jason Doiy/ALM)

Uber Technologies Inc. filed its long-awaited S-1 for an initial public offering Thursday, disclosing information on its current and former chief legal officers and its recent in-house and compliance department changes.
According to Uber’s filing with the U.S. Securities and Exchange Commission, former CLO Salle Yoo has sold more than $22.3 million in Uber capital stock back to the company*. In a November 2017 tender offer, she also sold capital stock shares to a third party as part of the ride-hailing company’s series G-1 financing, around the time she left Uber. Yoo did not immediately respond to a request for comment.
She led Uber’s legal department for more than five years as the San Francisco-based startup faced a series of legal challenges and allegations of workplace sexual harassment and discrimination, trade secret theft and worker misclassification.
Current CLO Tony West took over in November 2017. Since then West and fellow 2017 hire chief executive officer Dara Khosrowshahi have made a series of legal and compliance hires, changes Uber emphasized in its S-1 filing.
“We are committed to building a best-in-class compliance program. We have made tremendous progress in creating a program that is designed to prevent and detect violations of corporate policy, law, and regulations,” Uber’s filing states. “We continue to enhance our compliance and ethics program by conducting top-down risk assessments and developing policies and practices customized for our growing and evolving global business.”
West replaced deputy general counsel Angela Padilla, who testified in trade secrets trial Waymo v. Uber, in March 2018 with Tammy Albarrán, former Covington & Burling partner and co-author of the “Holder Report” on Uber’s culture.
Scott Schools joined Uber in July 2018 as chief compliance and ethics officer. Former National Security Agency general counsel Matthew Olsen joined as its chief security and trust officer in August 2018. Uber hired its first data protection officer and chief privacy officer within the past year.
Thursday’s filing also revealed West’s daughter is an Uber employee. She does not report to West or any company executive officer. West’s compensation was not outlined in the report, though the total compensation for the five listed executives, most of whom joined within the past three years, ranged from $45,330,702 to $9,682,454.
Despite Uber’s in-house department changes, the company still faces legal risks, especially around its gig-economy business model. In its S-1, Uber noted its “business would be adversely affected if drivers were classified as employees instead of independent contractors.”
*A previous version of this story stated Yoo sold $22.3 million in capitol stock shares to a third party. Those shares were repurchased by Uber, not third-party investors.
 
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