Uber’s new CEO Dara Khosrowshahi told employees that the ride-hailing company should go public, but not for another 18 to 36 months, according to reports citing sources at an all-hands meeting Wednesday.
In his comments, some of which were shared via Twitter by reporters and Uber’s own communications team, also Khosrowshahi noted the downside of going public was the attention to metrics every quarter.
Says being public ‘sucks’ because of the attention to metrics every quarter.
— Amir Efrati (@amir) August 30, 2017
Khosrowshahi, the former CEO of Expedia, will officially take over the new position on Tuesday, CNBC reported. Khosrowshahi will replace Travis Kalanick, who resigned as Uber CEO in June after a string of embarrassing scandals in 2017 prompted investors to pressure the founder to step down. On Sunday, Uber’s board, which includes Arianna Huffington and, approved Khosrowshahi as the company’s next CEO.
Welcome @dkhos, we're thrilled to have you here! #UberSelfiepic.twitter.com/ziaAxufvew
— =ryan graves= (@ryangraves) August 30, 2017
An Uber IPO has been hotly anticipated by investors, who placed a $68 billion valuation on the company last year.
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Several reports, citing unnamed sources, recounted bits and pieces of the all-hands meeting, including Khosrowshahi’s comments on an IPO, his plan to focus first on the core business so Uber can start making “big bets,” and to earn back market share lost to rival Lyft.
Getting the core business right (probably cash flows) so Uber can get back to focusing on the big bets that Travis put in play.
— Amir Efrati (@amir) August 30, 2017
“This company has to change. What got us here is not what’s going to get us to the next level,” Khosrowshahi said, according to a tweet from Uber.
.@dkhos: "If culture is pushed top down, then people don't believe in it. Culture is written bottoms up."
— Uber Comms (@Uber_Comms) August 30, 2017
Khosrowshahi also said it will be important to bring in a chairman to be his partner at the board level, which will drive agenda & rhythm of the board.