New Uber boss targets IPO within 18-36 months

Uber’s new CEO Dara Khosrowshahi has set a goal for an initial public offering within 18-36 months.

The ride-sharing app said on Tuesday that its board has voted unanimously to appoint the former Expedia chief executive, who will start officially on 5 September.

According to the Financial Times, Khosrowshahi also pledged to turnaround the company’s culture, which has been beset by allegations of sexism and harassment.

Khosrowshahi, who was introduced to employees at a staff meeting Wednesday morning, said: “This company has to change. What got us here is not what’s going to get us to the next level.”

He said Uber needed to focus on “paying the bills” by  becoming profitable and regaining market share.

Bloomberg reported that in response to a question about going public, he said it would probably happen in 18 to 36 months, citing two people who listened to the meeting. “It’s my opinion that the company should go public,” he said.

In addition to taking the CEO chair, Khosrowshahi will likely get a seat on the board, Bloomberg said.

Read: Uber narrows loss to $645 million, boosts revenue in turmoil

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New Uber boss targets IPO within 18-36 months