New chief challenged to steady the wheel at Uber

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The development comes days after Uber's board picked Dara Khosrowshahi as its new chief executive.

The CEO selection occurred in the midst of a bombshell lawsuit between early Uber investor Benchmark and Kalanick, the brash cofounder of the company. According to Bloomberg, two people familiar with the matter have confirmed that Khosrowshahi will be taking the reins at the troubled firm, but Uber's board of directors is waiting to inform employees before making an official announcement.

Uber's search for the next CEO has finally seen a conclusion. Under Khosrowshahi's leadership, Expedia more than doubled its annual revenue since 2012 to almost $8.8 billion in 2016.

"I don't doubt his skills and his background in finance and hospitality, which is going to be very important", said Tim Bajarin, president of Silicon Valley technology analyst firm Creative Strategies.

Expedia Inc.'s stock (EXPE:OTC) was up 32 percent in the Trump bull market this year before the Uber news leaked. Uber found a new CEO, but it hasn't named a board chair.

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Several observers said that Khosrowshahi, coming from a more innovative company culture, seemed a more apt choice than either Immelt, 61, or the other leading candidate, Hewlett Packard Enterprise CEO Meg Whitman, also 61.

Khosrowshahi would have to surrender most of a lucrative compensation package awarded in March 2015 when he signed a contract to remain Expedia CEO through September 2020. He has been steering the travel-bookings-based website since, taking it from a $15 billion venture to a $72 billion global brand. Investors value the company at $68 billion, according to The Wall Street Journal (http://graphics.wsj.com/billion-dollar-club/), the most valuable venture-backed private company tracked by the Journal.

"While execution under Khosrowshahi hasn't been flawless, it has been exceptionally good". That company-commissioned inquiry began after ex-Uber software engineer Susan Fowler wrote a blog post in February alleging that her former manager had propositioned her for sex and that the HR department hadn't taken action. He has also been an outspoken critic of President Donald Trump as well and has condemned his travel ban saying it "represents the worst of his proclivity toward rash action versus thoughtfulness".

In contrast, Khosrowshahi, who hails from Iran, extended his support to a lawsuit against the travel ban and stuck his neck out to call a spade, a spade.

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