Uber CFO Nelson Chai Plans to Step Down in Most Senior Executive Exit Since IPO: Report

Nelson Chai was brought in at Uber as finance chief in 2018 and he shepherded the company through its IPO a year later.

Uber CFO Nelson Chai Plans to Step Down in Most Senior Executive Exit Since IPO: Report

Photo Credit: Reuters

Nelson Chai has overseen multibillion-dollar deals as well as divestiture of assets in some geographies

Highlights
  • Uber's shares slid about 1 percent in post-market trading
  • Chai had served in senior roles at New York Stock Exchange, Merrill Lynch
  • Uber is cutting costs even as it rides an upswing in its business
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Uber Technologies Chief Financial Officer Nelson Chai is planning to leave the ride-hailing company, Bloomberg News reported on Monday, citing people familiar with the matter.

Chai informed Uber CEO Dara Khosrowshahi of his intentions to move on, though a decision on the timing of his departure hasn't been made, according to the report.

Uber did not immediately respond to a Reuters request for comment.

Uber's shares, which closed marginally lower on Monday, slid about 1 percent in post-market trading.

Chai was brought in at Uber as finance chief in 2018 and he shepherded the company through its IPO a year later.

He has overseen multibillion-dollar deals — including the $2.65 billion (roughly Rs. 21,857 crore) acquisition of Postmates in 2020 and the $2.25 billion (roughly Rs. 18,558 crore) buyout of logistics operator Transplace the following year — as well as divestiture of assets in some geographies.

Before Uber, Chai had served in senior roles at the New York Stock Exchange, Merrill Lynch and CIT Group.

Uber is cutting costs even as it rides an upswing in its business as commuters return after COVID restrictions eased. The company said in May it was on track to post operating income profits this year.

Last month, Uber Technologies said it was cutting 200 jobs in its recruitment division amid plans to keep the staff count flat through the year and streamline costs. The reductions affect less than 1 percent of Uber's 32,700-strong global workforce and follow the ride-share company laying off 150 employees in its freight services division earlier this year. The latest cuts account for 35 percent of Uber's recruiting team, according to the Wall Street Journal.

© Thomson Reuters 2023


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