Uber appointed Expedia boss, Dara Khosrowshahi to be its new CEO, handing him the challenge to lead the company out of crisis. Khosrowshahi, 48 years old replaces Travis Kalanick who resigned following investor pressure.
The new CEO would have the daunting task to repair Uber’s image, to rebuild morale among employees and to turn the ride-services company into a profitable one.
According to industry analysts, the Expedia CEO is highly capable and can bring the much-needed discipline to Uber’s chaotic corporate culture. He was Expedia’s CEO for the last 12 years and managed to establish the company as one of the online travel leaders.
Under his leadership, Expedia doubled its annual revenue since 2012, to nearly $8.8 billion in 2016. Additionally, he managed to increase Expedia’s value through a string of strategic acquisitions. Expedia bought Airbnb rival HomeAway Inc, for $3.9 billion, Orbitz Worldwide Inc for $1.3 billion and Travelocity for $280 million.
In 2015, Khosrowshahi was the highest paid CEO in the country, having a $91 million stock option grant. Moreover, he is on the board of the New York Times Company and sports merchandise company Fanatics Inc.
Uber was founded in 2009 and managed to become the world’s most valuable startup, with a valuation of $68 billion, by completely changing the taxi industry.
However, the ride hailing startup has been beleaguered by scandals in the last several months, including the Delete Uber movement, workplace sexual harassment allegations as well as the stepping down of many high level executives. All these led to the forced resignation of Uber’s co-founder and CEO, Travis Kalanick, back in June.