Uber announces chipmaker executive as new chief financial officer

By Samantha Delouya, CNN

(CNN) — Uber is getting a new chief financial officer.

The rideshare company announced Wednesday that Prashanth Mahendra-Rajah, the CFO of semiconductor company Analog Devices, will step into the role at Uber on November 13.

“I’m confident he’ll be able to help us deliver even more innovation and efficiency as we continue this next phase of profitable growth,” Uber CEO Dara Khosrowshahi said in a statement.

Mahendra-Rajah will join Uber as it grapples with sluggish growth after an initial post-pandemic surge in ridership. Last month, the company reported that its revenue ticked up 14% for the quarter, which was a slower pace than recent quarters. However, Uber also reported its first-ever unadjusted profit and record quarterly free cash flow.

The announcement comes nearly two months after Uber announced that the company’s current CFO, Nelson Chai, planned to leave by January and that the search for his replacement was underway. Chai has been the company’s finance chief since 2018.

As the CFO of Analog Devices, Mahendra-Rajah oversaw the chipmaker’s financial strategy amid a boom in demand for semiconductors, which are used to develop AI models.

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Catherine Thorbecke contributed to reporting