DOW JONES22,327.48+690.70 3.19%
S&P 5002,626.65+85.18 3.35%
NASDAQ7,774.15+271.77 3.62%

Uber CEO Talks Kalanick, Zomato And Growth

Uber Technologies Inc (NYSE: UBER) CEO Dara Khosrowshahi spoke to CNBC from the sidelines of the World Economic Forum and covered several key topics on shareholders minds.

Benzinga · 01/22/2020 21:05

Uber Technologies Inc (NYSE: UBER) CEO Dara Khosrowshahi spoke to CNBC from the sidelines of the World Economic Forum and covered several key topics on shareholders minds.

Travis Kalanick

Uber's co-founder and ex-CEO Travis Kalanick sold nearly his entire stake in Uber by the end of 2019 as part of an "intensely personal decision" which the board of directors respects, Khosrowshahi said. Kalanick also removed himself from the board "on his own accord."

Khosrowshahi said he remains focused on running the business and he can't control how investors react to Kalanick divesting from the company.

Growth Plans

Uber's decision to sell its food-delivery business in India to Zomato is part of a vision on focusing growth where growth exists, he said. The company has been selling assets in certain areas where appropriate while simultaneously acquiring companies in other regions.

This strategy allows Uber to be better set up to achieve profitability sooner than its rivals, he said. By comparison, some rivals seem to be content to be a "number three or number four player and lose money forever."

"If we can't get to number one or number two, we aren't going to make money for our shareholders and we are going to do something about it," he said.

Uber's stock closed at $37.04 per share.

Related Links

Travis Kalanick Is Leaving Uber's Board: Experts On Why, What's Next

Uber Freight Taps Amazon Alum Christenson To Run Europe