New Uber CFO Is A Financial Services Veteran

Today, Uber, the ride-hailing firm, was able to fill the long-standing vacancy of the chief financial officer of the company. The new appointment eased the concerns of the investors ahead of the plans of the business for an initial public offering (IPO) that is scheduled in 2019.

The position was left empty after Brent Callinicos, the previous finance boss of Uber stepped down from his position way back in 2015. It has now been occupied by Nelson J. Chai, a financial services veteran.

Chai joins Uber from after serving as a chief executive of Warranty Group, a US insurer. He also served as the former chief financial officer of Bank of America and Merrill Lynch during the crisis in 2008.

Dara Khosrowshahi, the chief executive of Uber, stated that Chai will be aiding the company in its bid to take the firm private. The ride-hailing giant is required to meet its own IPO deadline, or else transfer restrictions will lift on shares that may cause mass-trading of the stocks of Uber.

In a statement, Khosrowshahi stated: “I’m incredibly excited to bring on someone as experienced and thoughtful as Nelson.”

She added: “He will be a great partner for me and the entire management team as we move towards becoming a public company.”

The lack of a chief financial officer of the company to date had been a sticking point for most investors, as the said position is essential to conducting an IPO in addition to operating a business such as the size of Uber.

In an interview with Reuter, Chai said that Uber must work to convince the public market investors of the ability of the company to grow and achieve profitability, after losing more than $4 billion (£3.1 billion) in 2017. During the last quarter, the revenue of the firm rose by 60 percent as compared to the same period during the previous year.