Published: Wed, August 30, 2017
Markets | By Erika Turner

Expedia CEO named new CEO of ride-hailing giant Uber Technologies Inc

Expedia CEO named new CEO of ride-hailing giant Uber Technologies Inc

He beat out Jeff Immelt, chairman of General Electric Co and one of the finalists for the job, who said earlier on Sunday he was no longer in the running.

"I have decided not to pursue a leadership position at Uber", Immelt tweeted on Sunday.

Uber (Private:UBER) investor Shervin Pishevar has filed a legal document and sent the board a letter saying he needs to "intervene" in the Benchmark lawsuit accusing former CEO Travis Kalanick of fraud.

As the embattled transportation company's eight-person board deliberated for hours each day since Friday, members closed in on Whitman, 61, who had previously taken herself out of the running. Uber did not respond to a request for comment. In its filing, the firm stated, "It has been widely reported that Mr. Kalanick's behavior has caused potential CEO candidates to withdraw from consideration".

Khosrowshahi, who is now the CEO of Expedia, an online travel company, was chose to be the new CEO of Uber in a series of internal board meetings, reports The New York Times. Meg Whitman, chief executive of Hewlett Packard Enterprise, had also been a leading candidate, according to sources close to the process.

Benchmark still believes that Meg Whitman would be less tolerant of Kalanick's antics and won't be "open towards the pugnacious entrepreneur", Recode added.

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Well, it's Khosrowshahi, if he says yes, that is - so now we can all get back to the season finale of Game of Thrones.

Khosrowshahi a Persian-American who has run Expedia since 2005, was an unexpected and lesser-known choice; his interest in the position was largely kept secret until today.

In recent months, the company faced negative attention regarding its work culture, which has been linked to Kalanick's leadership.

"People are calling us a 125-year-old start-up - we're a digital industrial company that's defining the future of the internet of things", Immelt wrote about GE in an article for Harvard Business Review that was published this week.

Uber's crises have failed to knock the company's business off course, with revenues surging in the second quarter. Immelt was viewed favorably by 47% of the respondents, a third of which said Immelt would do a better job than Kalanick as CEO. He retains a seat on the board and is battling with venture capitalist investor Benchmark Capital to keep the rights to appoint two more board members.

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