News: Uber appoints former Merrill Lynch executive Nelson J. Chai as Chief Financial Officer

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Uber appoints former Merrill Lynch executive Nelson J. Chai as Chief Financial Officer

Nelson J. Chai's appointment comes at a crucial time as Uber advances toward an initial public offering.
Uber appoints former Merrill Lynch executive Nelson J. Chai as Chief Financial Officer

Ride hailing major Uber has appointed Nelson J. Chai, a former executive at Merrill Lynch and CIT Group, as its chief financial officer. 

The job had been vacant since Brent Callinicos departed in 2015. Nelson’s appointment comes at a crucial time for Uber as the company has said it plans to go public by the end of 2019. This is likley to be one of the biggest-ever technology IPOs. 

Uber is one of the most highly valued private companies in the world, at $62 Bn. Yet as it continues to grow, it has been burning through money. Last week, it posted a loss of $891 Mn for the second quarter, which was slightly narrower than a year earlier. 

Dara Khosrowshahi, who joined Uber as chief executive last year, said of Nelson’s appointment, “He will be a great partner for me and the entire management team as we move towards becoming a public company.” 

Prior to this, Nelson was the chief executive of Warranty Group, a Chicago-based insurance provider, which was sold to Assurant for $2.5 Bn last October. He has also overseen other initial public offerings, including that of the digital trading firm Archipelago in 2004.

Image Credits: The New York Times

 

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Topics: Appointments, C-Suite

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