Uber Technologies Inc. appointed Nelson Chai as his first CFO for more than three years, knocking on a veteran bank and insurance director as the next year's planned initial public offer habits.
The announcement announced Tuesday is a decisive one for Uber CEO Dara Khosrowshahi. Filling out a retooled management role has been a focus since joining the riding giant almost a year ago from online travel site. Expedia Group Inc. In December, Uber worked as Chief Operating Officer Barney Harford, former head of the Orbitz Orbitz Group, and this month it took over as chairman Ron Sugar, former CEO of Northrop Grumman Corp.
Mr. Chai was among dozens of candidates who were shown during long-term search, according to people who were familiar with the case. The 53-year-old was the latest Executive Vice President of the Guarantee Group, where he helped guide his sales to Assurant Inc. earlier this year for around $ 1
Ubers economy must rise; It still operates deep in the red. At $ 891 million, loss for the second quarter was less than the previous year $ 1.1 billion, but higher than $ 550 million in the first quarter, exclusive sales of $ 3 billion in assets. Second quarter revenues increased by 63% from the previous year to $ 2.8 billion.
"I have had to perform in some challenging situations," said Chai in interview referring to the Warranty Group's sales and 2004 IPO by Stock Exchange Archipelago Holdings Inc. "I see an opportunity to help Dara while he prepares to be public next year."
Herr. Chai has a long story with John Thain, who came to Ubers Board last year. He had senior positions when Mr. Thain was CEO of Merrill Lynch, CIT Group and the New York Stock Exchange.
The CFO search attempted for Uber. Mr. Khosrowshahi had hoped to reach an agreement with CFO Zane Rowe, VMware Inc. for the vacancy, but Mr. Rowe suggested that he beat it down, The Wall Street Journal reported in May.
As it did by filling the CEO's job, which opened after Travis Kalanickceded position in June 2017, Uber used
Heidrick & Struggles International
to help identify candidates, even though Mr. Chai said it was his connection with Mr. Thain and the private equity fund TPG, an investor in Uber and Guarantee, which helped to get the foot in the door.
Mr. Khosrowshahi had applied for a five to seven year commitment from some candidates, an apparent obstacle to those who had ambitions outside CFO spot, according to people familiar with the case. Uber did not release details about Mr. Chai's contract.
Among the vacancies that Mr. Khosrowshahi still has to fill is three board seats and chief product officer. Investors have valued Uber to around $ 70 billion, the highest of all private technology companies in the world.
Uber's last CFO, Brent Callinicos, who delivered that role in March 2015, is now CFO at Virgin Hyperloop One and a member of the board of
and Rubicon Global. Uber had just applied for finance director since Mr. Khosrowshahi took the helm.
Mr. Chai left his post on the warranty earlier this month and will join Uber from September 10, he said.
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