Khosrowshahi gives himself some leeway to make Uber shipshape before it treads the choppy waters of the public markets.
Uber’s new CEO, Dara Khosrowshahi, has told employees that the ride-sharing app company could debut on the public markets as soon as 2019.
But that depends on getting the company into the right gear after months of scandals, which saw the reluctant resignation of founder and former CEO Travis Kalanick.
‘This company has to change. What got us here is not what’s going to get us to the next level’
– DARA KHOSROWSHAHI
Kalanick, who remains on the board of Uber, introduced Khosrowshahi to staff yesterday (30 August).
Room to vroom for Uber
Khosrowshahi has set a timeline of between 18 and 36 months for Uber to make its highly anticipated market debut.
Uber has raised $10bn in venture capital so far and, with a valuation of $70bn, this makes it one of Silicon Valley’s most highly leveraged unicorns.
But before Khosrowshahi can contemplate an IPO, he must first mend the company’s damaged culture, exposed in a litany of scandals and immortalised in a blog post by former employee Susan Fowler.
He also has the task of shoring up losses that totalled more than $3bn last year.
“This company has to change,” Khosrowshahi was quoted as saying in The Wall Street Journal. “What got us here is not what’s going to get us to the next level.”