Uber nabs former Merrill Lynch CFO as top finance boss in race to go public

Ride-hailing giant Uber today filled the long-standing vacancy of chief financial officer, easing investor concerns ahead of its plans for an initial public offering (IPO) in 2019.

The spot, which was left empty after its previous occupant Brent Callinicos departed in 2015, has been plugged by financial services veteran Nelson J. Chai.

Chai joins Uber from his role as chief executive of US insurer Warranty Group, and is a former CFO of Bank of America and Merrill Lynch during the 2008 crisis.

Uber’s chief executive Dara Khosrowshahi said Chai will be assisting the team “as we move towards becoming a public company”. Uber must meet its own IPO deadline, or transfer restrictions will lift on shares that could cause mass-trading of Uber stock.

The firm’s lack of a CFO to date had been a sticking point for investors, as the role is vital to conducting an IPO in addition to operating a business of Uber’s size.

Chai told Reuters Uber must work to convince public market investors of its ability to grow and hit profitability, after losing more than $4bn (£3.1bn) last year. Revenue last quarter grew 60 per cent from the same period in 2017.