Uber operates its eight-year-old ride hailing service across the world, with operations in 632 cities. For any other company that would have been a blood-red bottom line, but for Uber it was a marked improvement over the $991 million in losses in the final quarter of 2016.
In an email sent to Uber employees two days after offering him the job, the company's board of directors confirmed Khosrowshahi's appointment. Immelt also reportedly met with Uber directors on Friday and Saturday, but tweeted on Sunday he was taking his name out of the running. Board members are engaged in a very public fight, one that has spilled into the courts and influenced the CEO pick.
Khosrowshahi is a little different from your prototypical young Silicon Valley CEO - mostly, because he manages companies, rather than founding them. "While we are trying to be hopeful, there is as much as dread and trepidation as anything else". The San Francisco-based company has been through an exhausting 2017, with a string of self-inflicted scandals. Internet conglomerate IAC spun off Expedia in 2005.
"We're really fortunate to gain a leader with Dara's experience, talent and vision", said the Uber board in a joint statement.More news: Things You Can Do to Support the Victims of Hurricane Harvey
In the court filing, Kalanick said he had initiated arbitration proceedings against Benchmark, arguing that the DE court where the lawsuit was filed does not have jurisdiction over board voting matters.
Both factions were impressed with Khosrowshahi, whose became the consensus candidate, said one person briefed on the matter. He'll attend an all-hands meeting on Wednesday, it said. "That's an unusually divisive board", Mahaney said. "I was not a contender for this job until the weekend - and I'm not even sure I was then". In 2015, he earned more than $94m in total compensation, primarily due to stock awards.
Khosrowshahi, 48, arrived in the United States in the late 1970s' as an Iranian refugee. He also served for a period as president of the Brand Expedia business.
He replaces co-founder Travis Kalanick, who resigned in June following investor pressure after months of turmoil. It is also a key step toward filling a gaping hole in its top management which at the moment has no chief financial officer, head of engineering or general counsel.