Uber hires CFO on the road to IPO
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Uber on Tuesday named a news chief financial officer as the smartphone-summoned ride service remained on the road to a stock market debut next year.
Nelson Chai came on board from Chicago-based insurance firm Warranty Group, where he was chief executive, according to Uber.
“I’m incredibly excited to bring on someone as experienced and thoughtful as Nelson,” Uber chief executive Dara Khosrowshahi said in a release.
“He will be a great partner for me and the entire management team as we move towards becoming a public company.”
Uber, which operates in 65 countries and has disrupted local transport in many locations despite regulatory hurdles and resistance from taxi operators, has expressed plans for an initial public offering of shares late next year.
Chai has more than a decade of experience at firms including CIT Group financial holding company and Merrill Lynch & Co, according to Uber.
“I look forward to working closely with Dara and team as we build on the company’s strong growth and forward momentum,” Chai said in the release.
Uber last week disclosed that its second-quarter loss jumped despite taking in more money, as it invested in scooters and other “big bets.”
The San Francisco-based smartphone ride star reported it lost US$891 million on net revenue of US$2.8 billion, while overall bookings rose to US$12 billion.
He added that Uber is investing in “big bets” including restaurant take-away delivery service Uber Eats and “environmentally friendly modes of transport” including e-bikes and scooters.
The company, with a valuation by investors of more than US$60 billion, is also devoting resources to what it sees as high-potential markets in India and the Middle East, according to Khosrowshahi.
Questions & Answers
Q.What is the new chief financial officer's previous professional experience?
What is the new chief financial officer's previous professional experience?
Nelson Chai joins Uber from Warranty Group, an insurance firm in Chicago, where he served as chief executive. He also has over ten years of experience with financial firms like CIT Group and Merrill Lynch & Co.
Q.When does Uber plan to launch its initial public offering?
When does Uber plan to launch its initial public offering?
Uber has stated its intention to pursue an initial public offering of shares late next year. The appointment of a new CFO is a step on this path towards becoming a public company.
Q.What were Uber's financial results for the second quarter?
What were Uber's financial results for the second quarter?
Uber reported a loss of US$891 million in the second quarter, despite generating US$2.8 billion in net revenue. Overall bookings reached US$12 billion during this period.
Q.Which new ventures is Uber currently investing in?
Which new ventures is Uber currently investing in?
Uber is investing in "big bets" such as its restaurant take-away delivery service, Uber Eats. It is also putting resources into environmentally friendly transport modes like e-bikes and scooters, and high-potential markets including India and the Middle East.
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