Uber announced on Tuesday that it is welcoming Nelson J. Chai as its new CFO. Uber notes that Chai has served in multiple senior positions at multiple companies, including his most recent position as CEO at Warranty Group, which is a Chicago-based insurance and warranty provider. He has also worked as President at CIT Group, and was also CFO at Merrill Lynch. So it’s clear that Chai does have plenty of experience for this position, having over a decade of experience in various positions and in various industries. Uber’s CEO, Dara Khosrowshahi stated that he is “incredibly excited to bring on someone as experienced and thoughtful as Nelson. He will be a great partner for me and the entire management team as we move towards becoming a public company.”
Khosrowshahi has mentioned many times that he is planning to IPO Uber in 2019, so picking up a chief financial officer was crucial towards that goal. As it’s not a good idea to go public without having a CFO. Of course there are plenty of other things that Uber needs to change and fix before it can go public, which is still slated for sometime in 2019. One of the big things that Uber needs to change is its balance sheet. Uber is losing millions each quarter, and while going public may help them – as Uber would be able to raise more money – it’s always a better idea to go public in the black than in the red.
Chai also mentioned that “Uber is one of the world’s most iconic and exciting technology companies, and I’m honored to join as CFO. I look forward to working closely with Dara and team as we build on the company’s strong growth and forward momentum.” Chai does seem to be a pretty good fit for Uber right now, as it is looking for some executives that at least have some experience. Especially as it is cleaning up the mess that Uber founder, Travis Kalanick left behind before he was forced to resign from the company.