As Uber paves the way to an initial public offering (IPO), the company appointed a new Chief Financial Officer (CFO). The new CFO, Nelson J. Chai who previously worked for Warranty Group as the chief executive, made up for the vacant executive seat that has been so since 2015 when Brent Callinicos left.
Since Uber is planning to go public by the end of next year, it was important for them to hire a CFO, especially because the senior-most finance executive, Prabir Adarkar, quit the company to join DoorDash, a food delivery service.
At $62 billion, Uber is currently one of the most valued companies and is most likely to be one of the biggest technology IPOs. Though Uber has fared well in the transportation sector, the company has incurred losses in other segments. The loss recorded by the company for the second quarter this year is $891 million. Dara Khosrowshahi, the CEO of the company, has been casting off businesses that haven’t been doing well.
Khosrowshahi is gearing up the company for the IPO and has appointed several executives, including Barney Harford as the COO, ever since he took over as the CEO last year.
The new CFO, Nelson Chai’s, knowledge and experience is expected to help with the success of the company. Chai has worked in many reputed companies such as Merrill Lynch & Co and CIT Group Financial Holding Company.
Source: Economic Times