Uber announces their new Chief Executive; Investors cautiously optimistic

Published on: 28 Aug, 2017

It’s been over two months since Uber Technologies, Inc. Founder Travis Kalanick resigned as CEO. After two months of diligent search and speculation, Uber has finally found their new commander-in-chief. In a serious scouting push, similar to that of the National Football League, Uber has weighed numerous candidates and have considered countless prospects which include the likes of Jeff Immelt, former General Electric Company (NYSE: GE) Chief Executive, and CEO Meg Whitman of Hewlett-Packard Enterprises Co. (NYSE: HPE).

The grueling process of handpicking ended Sunday as Uber announced, in a memo, Dara Khosrowshahi, Chief Executive of Expedia (NASDAQ: EXPE). This decision is expected to help turn Uber around and into a positive direction since the recent bad press they have received from Kalanick’s video controversy of him arguing with one of Uber’s own drivers, his short-stint advising the Trump administration, and allegations of a dysfunctional workplace complete with sexual harassment allegations.

Barry Diller, Expedia Chairman, says that Khosrowshahi plans to take the offer saying, “Nothing has been yet finalized, but having extensively discussed this with Dara, I believe it is his intention to accept.” Khosrowshahi has helped Expedia considerably, as he has run the company for the past 12 years and has experienced positive growth, albeit not flawless.

Uber investors have praised the move and analysts are co-signing the pick of an executive that is known to please stockholders and a no-nonsense workplace conduct policy. Hard-nosed discipline and a righting of the ship is in order and this seems like a strong acquisition of talent that may help Uber shake off the recent slumps as they look to keep expanding and develop more services needed to compete.

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Giovanni Lopez

Email: Lopez@financialinsiders.com

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