Uber Brings on Nelson Chai as CFO
Uber has hired Nelson Chai, a financial services veteran with deep connections to banks and deal-makers, as its CFO. The hire comes as the ridesharing giant prepares for what is expected to be a large, complicated public offering. The University of Pennsylvania graduate, who also holds an MBA from Harvard Business School, was most recently President and CEO of insurance provider The Warranty Group. The son of Korean immigrants previously served as Chairman and CEO at CIT Bank and President of CIT; Chief Financial Officer and Executive VP at Merrill Lynch; CFO and EVP at the NYSE; and CFO at Archipelago, among others. He also serves on the boards of Thermo Fisher Scientific, the University of Pennsylvania School of Arts and Sciences, and the U.S. Fund for UNICEF. Chai said he looks forward to bringing to Silicon Valley some of Wall Street’s “discipline and rigour that these companies need as they get bigger.” He lives with his family in New York and will commute to San Francisco beginning next month. Chai has quite the task ahead of him. The CFO position at Uber has been empty since 2015, and the company lost more than $4 billion last year. More here.