On Tuesday, August 21, Uber Technologies Inc. hired Chai as their CFO in preparation for public offering on 2019.
Nelson Chai, former President and CEO of Warranty Group Inc., was appointed as CFO of Uber Technologies. The company lost over $1 billion every quarter in the last six months and hopes that the hiring of Chai invites investors since Chai has many connections in banks and deal-makers.
He earned a Bachelor of Science degree in Economics from the University of Pennsylvania and a master of Business Administration from the Harvard Business School. Previously, he was the CFO of Archipelago Holdings. He also has a duty at Merill Lynch where he was also a CFO.
Since Brent Callinicos departed on the year 2015, the position remains vacant. Travis Kalanick, former Chief Executive Officer of Uber, displayed passion in the position, but the hunt stepped up under CEO Dara Khosrowshahi.
After Prabir Adarkar quit the senior finance position last month, the department became weaker. The company’s lack of CFO led to a concern for the investors.
According to Chai, Uber should work in convincing the investors that the company’s revenue can keep growing.
Khosrowshahi said she is very excited about bringing in an experienced and thoughtful person like Nelson in the company. Chai will be a great partner not just for her but also for the company.