Technology

Uber’s Chief Financial Officer Nelson Chai Set for Departure, Successor Search Underway

Picture Source: Thomson Reuters 2023

Uber’s Chief Financial Officer, Nelson Chai, is reportedly planning to leave the ride-hailing company, according to sources cited by Bloomberg News. Chai has informed Uber CEO Dara Khosrowshahi of his intentions, although the timing of his departure has yet to be determined. Uber has not provided an immediate response or comment on the matter.

Chai joined Uber as CFO in 2018 and played a crucial role in guiding the company through its initial public offering (IPO) in 2019. During his tenure, he oversaw significant deals, including the acquisition of Postmates for $2.65 billion in 2020 and the buyout of logistics operator Transplace for $2.25 billion the following year. Chai also facilitated divestitures of assets in certain regions.

Prior to joining Uber, Chai held senior positions at the New York Stock Exchange, Merrill Lynch, and CIT Group. Amid an upswing in business as COVID-19 restrictions ease and commuters return, Uber has been focused on cost-cutting measures. The company announced in May that it was on track to achieve operating income profits this year.

In recent months, Uber has implemented job cuts to streamline costs. Last month, the company reduced its recruitment division by 200 positions, representing less than 1 percent of its global workforce. This followed an earlier layoff of 150 employees in the freight services division. The latest cuts account for 35 percent of Uber’s recruiting team.

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Uber continues to navigate its operations and make adjustments in response to evolving market conditions and the recovery of the transportation industry. The departure of CFO Nelson Chai adds to the ongoing changes within the company’s leadership and may have implications for its financial strategies moving forward.

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