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September 10, 2018

Uber hires former CIT Group chief financial officer

A former president at the CIT Group has been made chief financial officer of ride-hailing service Uber.

By Christopher Marchant

A former president at the CIT Group has been made chief financial officer of ride-hailing service Uber.

Nelson Chai was president at CIT Group from 2010-2015. For a year leading up to August this year was president and chief executive officer of The Warranty Group. Prior to his time at CIT Group, Chai was a chief financial officer at Merrill Lynch. Chai has also been chief financial officer at NYSE Euronext, the parent company of the New York Stock Exchange; and Archipelago Holdings, the first fully electronic stock exchange in the US.

Dara Khosrowshahi, Uber chief executive officer, said: “I’m incredibly excited to bring on someone as experienced and thoughtful as Nelson. He will be a great partner for me and the entire management team as we move towards becoming a public company.”

Chai said: “Uber is one of the world’s most iconic and exciting technology companies, and I’m honored to join as CFO. I look forward to working closely with Dara and team as we build on the company’s strong growth and forward momentum.”

Chai has also been on record casting doubts on Uber’s planned IPO for 2019, stating to Axios: “I’ve been impressed with the information I’ve seen, but I don’t have enough insight until I really get in there to make sure we have the right processes and controls to be a public company.”

Last month Toyota agreed a $500m (€427.4m, £387.7m) investment in Uber and a collaboration on driverless cars development, just two weeks after Uber investors reportedly pressured the American company to drop costly research on autonomous vehicles.

Driverless technology from the two companies will be integrated into a purpose-built autonomous vehicle, based on the Toyota Sienna minivan. Toyota and Uber are looking to start pilots on Uber’s network in 2021, with the fleet being operated by a mutually-agreed third-party – a first for Uber’s collaborations with OEMs.

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