Expedia Drops With CEO Khosrowshahi is Taking Over Top Position at Uber

Dara Khosrowshahi saw Expedia through 12 years of stock gains, multibillion-dollar acquisitions and fierce competition. According to Bloomberg, he has taken the opportunity to take the hot seat of Uber CEO.

He acknowledged some of the myriad challenges he’ll face at his new company, but described the job as the “opportunity of a lifetime.“ The news that he’s said to be leaving to run Uber sent Expedia shares down the most in more than a year.

Khosrowshahi emerged as a surprise choice to lead Uber, according to people familiar with the situation. Most speculation had centered on Hewlett Packard Chief Executive Officer Meg Whitman and General Electric Chairman Jeffrey Immelt.

Speaking publicly for the first time since getting picked to run Uber, the outgoing Expedia CEO suggested he plans to tackle allegations of sexual discrimination and systemic cultural issues at the ride-hailing giant. While Khosrowshahi indicated he intends to take the position at Uber, he declined to discuss the status of his appointment.

“Uber is a company that is redefining the transportation industry on a global basis; to be part of that story is something that is interesting and would be a real privilege,“ Khosrowshahi said in an interview. “Are there difficulties? Are there complexities? Are there challenges? Absolutely, but that’s also what makes it fun. I am not in this to coast. I’m in it to get my hands dirty and build a team and do something that people will look back on with tons of satisfaction.“

Khosrowshahi will need to hire several top executives, including a chief financial officer. The company also plans to appoint an independent chairman. Two board members, Uber’s co-founder and the company’s largest shareholder, are currently engaged in a courtroom fight. Venture capital firm Benchmark is accusing Kalanick of fraud and asking him to turn over the three board seats that he controls.

And while Uber is on an encouraging growth trajectory, it lost $645 million on $1.75 billion in revenue in the second quarter. The company is looking to bring in additional capital from investors including SoftBank Group, a move that should buy time before an initial public offering.