After hitting a wall whilst searching for a new CEO, Uber’s board of directors have finally come to an agreement to select Dara Khosrowshahi as the next CEO of Uber. Dara Khosrowshahi comes from Expedia, the online travel company and has been the CEO there since 2005.
Whilst Uber hasn’t given an official statement yet, The New York Times and Recode have broken the story that Dara Khosrowshahi has been chosen by the board over the weekend. Dara comes with incredible past success such as growing Expedia from USD$15 billion in bookings to USD$72 billion last year.
Dara has got a long road ahead at the helm of Uber with plenty of key matters that need to be fixed and gain back consumer trust especially since with the Waymo lawsuit still hanging as well as the issue raised by Susan Fowler earlier this year. Still, the latest Uber Q2 report still shows that Uber is still growing with a 150% growth year-on-year. The report also shows that Uber is losing less money compared to previous quarters with them losing “only” $645 million compared to $708 million in Q1 and $991 million in Q4 last year. Uber is still bleeding a lot of cash.
Uber is still a private company and they hope to eventually reach that fabled initial public offering. It looks like Dara has a tough road ahead reigning in costs for Uber to improve its standing and show that its finances are ready for that eventual IPO.