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New Uber chief promises change, flags IPO by 2020

Uber’s new Chief Executive Dara Khosrowshahi has told employees the ride-services company will change its culture and may go public in 18 to 36 months.
Nanjing Night Net

Khosrowshahi, who led travel-booking site Expedia for 12 years, made the remarks as he introduced himself to Uber’s workforce on Wednesday during an all-staff meeting at its San Francisco headquarters.

With a $US68 billion ($86 billion) valuation by private investors, Uber is the most valuable startup Silicon Valley has produced over the last decade, but funders have grown frustrated by the lack of a timeline for getting their payouts. Employees have also felt pent up, as many are compensated with options in the company.

The loose IPO timeline gives Khosrowshahi an opportunity to resolve many of the controversies facing the company. That includes litigation with Google in a major case in which Uber is accused of stealing trade secrets from Google’s self-driving car program, as well as two pending federal investigations.

On Tuesday, the company confirmed that the Department of Justice is probing whether executives broke US laws prohibiting bribery of officials in foreign countries. Uber is cooperating with the investigation, a spokesman Matt Kallman said.

Under its previous hard-charging chief executive, Travis Kalanick, Uber expanded to 77 countries in just eight years and built up a reputation for rule-breaking and for a “bro” culture that has been hostile to women and underrepresented minorities. Federal officials are also probing whether the company used special software to evade authorities in places where ride-sharing services were banned or restricted Uber ‘has to change’

“This company has to change,” Khosrowshahi told employees, according to the Twitter feed of Uber’s communications team. “What got us here is not what’s going to get us to the next level.”

Khosrowshahi said Uber needed to stabilise itself but also take what he called “big shots.”

The appointment of Khosrowshahi, who described himself as “a fighter,” comes as Uber is trying to recover from a series of crises that culminated in the ouster of its former CEO Travis Kalanick in June. It is also a key step toward filling a gaping hole in its top management that at the moment has no chief financial officer, head of engineering or general counsel.

In his first meeting with Uber employees, Khosrowshahi emphasised recruiting new talent – particularly a chief financial officer – as well as a chairman to help him run the board, according to tweets from Uber. “It’s great to meet the people making this dream come true???growing a company that’s changing the world.” [email protected]://t.co/g6LbiKs4l8pic.twitter南京夜网/4x9yNmjM3M??? Uber (@Uber) August 31, 2017This story Administrator ready to work first appeared on Nanjing Night Net.

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