Tag Archives: Finance
SAN FRANCISCO (Reuters) – Meal delivery service DoorDash Inc has hired Uber Technologies Inc’s head of finance to be its chief financial officer, which could put the startup closer to an initial public offering and deals another executive loss to Uber.
Tony Xu, CEO and Co-founder of DoorDash, speaks at the TechCrunch Disrupt event in Brooklyn borough of New York, U.S., May 11, 2016. REUTERS/Brendan McDermid –
Before Uber, Prabir Adarkar, the new Doordash CFO, worked on deals at Goldman Sachs (GS.N), a bank that frequently leads IPOs for Silicon Valley technology companies.
Tony Xu, co-founder and chief executive officer of DoorDash, said on Thursday that he selected Adarkar for his “sharp mind” and leadership skills.
Adarkar had been head of strategic finance for Uber since 2015, and as the most senior finance executive lead a team of more than 500 employees. His departure leaves yet another vacancy for the ride-services company, which has been without a chief financial officer for three years.
In a statement, Uber CEO Dara Khosrowshahi praised Adarkar for “improving financial controls to putting the company on a path to profitability.”
At a technology conference in Aspen, Colorado, this week, Khosrowshahi also lamented that his company’s CFO search “is taking longer than I’d like.”
“We have terrific candidates,” Khosrowshahi said at the conference, adding that he’s looking for a CFO who will stay beyond Uber’s initial public offering, planned for next year.
Reporting by Heather Somerville; Editing by Leslie Adler and Jeffrey Benkoe
TOKYO (Reuters) – The chief executive of Japan’s largest bank expects new business opportunities to appear as digital currencies allow collection of data on how people use their money.
While Japan’s big banks have distanced themselves from bitcoin and other existing digital currencies, they are trying to create their own to provide cheaper and easier means of payments and money transfers.
“We would be able to capture kinds of financial behavior that cannot be collected as data in cash transactions,” said Nobuyuki Hirano, CEO of Mitsubishi UFJ Financial Group (MUFG), speaking as chairman of the Japanese Bankers Association at a news conference on Thursday.
“We can use the data to create new value.”
Hirano’s bank is developing its own “MUFG Coin” digital currency using the blockchain technology behind bitcoin.
The bank has been conducting experiments with MUFG Coin among its employees, including using the currency to split restaurant bills with each other over their smartphones.
Unlike bitcoin and other so-called cryptocurrencies, MUFG Coin is tied to Japanese yen, so users can exchange it for yen at the same rate as they bought the digital currency.
MUFG has said it plans to expand the experiment to involve all of its 30,000 domestic employees next year.
Japan’s third-largest lender Mizuho Financial Group is also developing its own digital currency, J Coin, targeting widespread use by 2020.
Reporting by Taiga Uranaka; Editing by David Goodman