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Ola Fires 250 People Citing Non Performance, Other Issues To Take On Rival Uber

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NEW DELHI: Within weeks of firing about 700 employees of its TaxiforSure operations, cab aggregator Ola has now sacked close to 250 people from its own workforce citing non-performance and other issues.

The move comes as the Bengaluru-based firm is locked in an intense battle with global rival Uber in the Indian market.

“An annual attrition of 3-4 per cent is a natural churn that is witnessed in the current industry scenario. This includes performance driven exits, contract roles as well as a few surfacing from constant business realignment,” an Ola spokesperson said.

The spokesperson further added that these have been “well thought through” organisational decisions, keeping in mind the best interests of employees and business efficiencies.

The company, however, said it also intends to hire employees across various cities.

“At the same time, we continue to hire the best of talent from across the country with over 300 open positions currently, to strengthen our 6,000-plus strong team in 102 cities, pan-India,” he added.

The layoffs come within a month of Ola shutting down its Taxiforsure operations 18 months after it acquired the business for about $200 million. The closure of Taxiforsure had left about 700 jobless.

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Business

McDonald’s CEO fired over relationship with employee

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San Francisco, 4 Nov : Fast food giant McDonald’s has fired its CEO Steve Easterbrook after its board of directors found that he “demonstrated poor judgment” in a consensual relationship with an unidentified employee, the media has reported.

McDonald’s Corporation on Sunday announced that its Board of Directors has named Chris Kempczinski, most recently President, McDonald’s USA, as President and CEO, effective immediately. Kempczinski has also been elected to the McDonald’s Board of Directors.

“Kempczinski succeeds Steve Easterbrook, who has separated from the company following the board’s determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee,” the fast food giant said in a statement.

According to MarketWatch, Easterbrook sent an e-mail with a memo to employees acknowledging the relationship and said it was a mistake, Efe news agency reported. “Given the values of the company, I agree with the board that it is time for me to move on,” he said in the letter.

McDonald’s said it voted to approve Easterbrook’s departure last Friday after conducting a thorough analysis of the situation, and his compensation details will be known on Monday after the submission of documents to federal authorities.

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Business

Now DGCA tells GoAir to change engines in 13 aircraft

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New Delhi, 29 Oct : The country’s civil aviation regulator — the Directorate General of Civil Aviation (DGCA) — has instructed GoAir to install at least one modified engine in 13 of its A320neo aircraft within the next 15 days.

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Bonanza for stock markets in the works; DDT to be scrapped

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New Delhi, 29 Oct : A bonanza is in the offing for the stock markets as the Prime Minister’s Office (PMO) and the Finance Ministry are working on measures which may include dividend distribution tax (DDT) to be scrapped and a review of existing slabs and holding period of long term capital gains (LTCG), short term capital gains (STCG) and securities transaction tax (STT).

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