Uber’s new CEO Dara Khosrowshahi has laid out his plans for the company to employees, including the possibility of going public in 18 to 36 months.
In his first meeting in-charge of the controversial ride hailing company, Khosrowshahi, who was head of Expedia for 12 years, announced his plans to change the image of the company by focusing on core business and taking risks to take it to the next level.
“You really want to focus on the core, and the core of this business is what’s going to pay the bills,” said Khosrowshahi. “Once you’re paying the bills, then you can have projects. And there are real projects here within the Uber portfolio that are projects where you’re shooting for the moon. Those are projects where you don’t have an expectation of immediate return. You can take much much more risk, and if you fail it’s OK because you have this core business that’s constantly paying the bills, and you’re not risking the business.
“I’m always looking to build this portfolio of activity: this is a mainline business that’s going, and off of this mainline activity you’re taking great big shots that can change the world. Hopefully we’re get that balance right on a go-forward basis.”
As expected, Khosrowshahi referred to the issues the company has had over the past year or so, stating “This company has to change. What got us here is not what’s going to get us to the next level,” according to Uber’s communications team. The next level he referred to is likely to be a reference to the possibility of an IPO (initial public offering) within the next three years – something he mentioned the possibility of, Reuters reports.
Of course, Khosrowshahi steps into the company with a divided board, as Uber’s former CEO Travis Kalanick is still involved in a legal battle with company investor Benchmark Capital. However, the suit has now been moved out of the public eye into arbitration, handing the victory to Kalanick.