SAN FRANCISCO -- After a yearslong search, Uber has finally found a chief financial officer as it advances toward an initial public offering. The ride-hailing company said Tuesday that it had hired Nelson J. Chai, 53, a former executive at Merrill Lynch and CIT Group, to be its new chief financial officer. The appointment fills a prominent void in Uber's executive suite: The job had been vacant since Brent Callinicos departed in 2015. Picking a chief financial officer is crucial for Uber because the company has said it plans to go public by the end of 2019, in what is likely to be one of the biggest-ever technology IPOs. Uber is already one of the most highly valued private companies in the world, at $62 billion. Wall Street typically likes to see experienced finance executives helping to helm companies that are going public. Yet Uber's financial picture may deter some investors. While the transportation colossus is growing quickly, it has been highly unprofitable and has burned … [Read more...] about Finance chief hired by Uber as company moves closer to IPO
Ipo
Uber hires a CFO as it preps for an IPO next year
Uber has hired a chief financial officer, the ride-services company said on Tuesday, filling a long-standing vacancy and clearing the way for a much-anticipated initial public offering next year. Uber said it had hired Nelson Chai, a financial services veteran with deep connections to the banks and deal-makers Uber must impress ahead of what is expected to be a large, complicated IPO. Uber lost more than $1 billion per quarter in three of the last six quarters. Still, it hopes its growth potential will attract investors. Uber must meet its self-imposed deadline of an IPO next year or a shareholder provision that would lift transfer restrictions on shares could create a chaotic market of buying and selling Uber stock. The CFO position has been empty since 2015, when Brent Callinicos departed. Previous Uber Chief Executive Officer Travis Kalanick had shown little interest in hiring a replacement, but the search stepped up last year under new CEO Dara Khosrowshahi. Uber’s most … [Read more...] about Uber hires a CFO as it preps for an IPO next year
Uber’s CFO Pick Gives Strength to Executive Team Ahead of IPO
0 Comments By Tatyana Shumsky Tatyana Shumsky The Wall Street Journal BiographyTatyana Shumsky @MissShumsky [email protected] Updated Aug. 21, 2018 11:14 p.m. ET Uber Technologies Inc. picked a finance chief who is well-versed in the IPO process, strengthening and stabilizing the company’s executive team as it prepares for a listing. The ride-hailing company named Nelson Chaias its new CFO on Tuesday following a long search. Mr. Chai held the top finance job at Merrill Lynch & Co., and NYSE Euronext Inc., the parent company of the New York Stock Exchange. He also helped take public electronic stock exchange Archipelago Holdings Inc. in 2004 in his first CFO role. “He will be a great partner for me and the entire management team as we move towards becoming a public company,” Uber Chief Executive Dara Khosrowshahi said in a statement. Most recently, Mr. Chai served as CEO of Warranty Group Inc., an insurance services company owned by … [Read more...] about Uber’s CFO Pick Gives Strength to Executive Team Ahead of IPO
Uber appoints new head of finance as it marches toward an IPO
Visit The Boston Globe Share on Twitter Share on Facebook Comment on this Scroll to top of page By Kate Conger New York Times August 21, 2018 SAN FRANCISCO — After a yearslong search, Uber has finally found a chief financial officer as it advances toward an initial public offering.The ride-hailing company said Tuesday that it had hired Nelson J. Chai, 53, a former executive at Merrill Lynch and CIT Group, to be its new chief financial officer. The appointment fills a prominent void in Uber’s executive suite: The job had been vacant since Brent Callinicos departed in 2015. Picking a chief financial officer is crucial for Uber because the company has said it plans to go public by the end of 2019, in what is likely to be one of the biggest-ever technology IPOs. Uber is already one of the most highly valued private companies in the world, at $62 billion. Wall Street typically likes to see experienced finance executives helping to helm companies that … [Read more...] about Uber appoints new head of finance as it marches toward an IPO
Online Luxury Retailer Farfetch Files IPO Plans
PARIS—Online luxury retailer Farfetch filed plans Monday for an initial public offering, looking to seize on investor optimism about the surge in high-end goods sold over the internet. Farfetch, based in London, plans to list its shares on the New York Stock Exchange under the symbol FTCH. The IPO shows how digital luxury retail has become... … [Read more...] about Online Luxury Retailer Farfetch Files IPO Plans