Uber Names Merrill Lynch Veteran as CFO After Years of Searching
Uber selected Nelson Chai, a longtime banking executive, as chief financial officer, according to Bloomberg.
Uber hasn’t had a CFO for more than three years. After Dara Khosrowshahi took over as chief executive officer last September, finding an experienced financial executive became one of his top priorities. When Chai starts Sept. 10, Khosrowshahi can finally cross this item off his list.
Although Khosrowshahi has said Uber is targeting an IPO in the second half of 2019, Chai declined to comment on timing until he’s had a chance to dig through the books. “The timeline has been dictated by the board, and Dara has made public statements,” Chai said. “Let me sit in the seat a little bit, for a little while, before I answer that question.”
Until recently, Chai was CEO of Warranty Group, a provider of insurance services to automakers and consumer-goods manufacturers. He sold the company, owned by TPG Capital, to Assurant for $2.5 billion. TPG, an investor in Uber, suggested he apply for the job at the ride-hailing company, Chai said. John Thain, an Uber board member and longtime colleague of Chai, set him up for a meeting with Khosrowshahi in early June.
“I’m incredibly excited to bring on someone as experienced and thoughtful as Nelson,” Khosrowshahi said in an emailed statement. “He will be a great partner for me and the entire management team as we move toward becoming a public company.”