Interview, Fireside Chat
Talks at GS – Dara Khosrowshahi: Uber’s Roadmap to the Future
- Dara Khosrowshahi joined Uber after more than a decade at Expedia, accepting a role at a company in crisis to address three career criteria: working with people he likes, making an individual impact, and solving a global problem.
- Khosrowshahi described the company as a "verb" with three million driver partners, noting that Uber moves more people than the entire global airline industry.
- The company aims to become the largest transportation provider, targeting the $5 trillion global transportation market where it currently holds less than 1% of spend.
- Uber's strategy mimics Amazon's evolution, moving from a proprietary product to a marketplace model and expanding into new verticals such as food delivery (UberEats) and micromobility (Jump bikes).
- UberEats is scaling from zero to the largest delivery business globally outside of China within the current year.
- The platform is expanding to include third-party providers and diverse modes of transport, including electric bikes and public transit integration.
- Khosrowshahi identified the intense press scrutiny and personal spotlight as the most unexpected challenge, noting the narrative has improved due to better handling by the communications team.
- A positive surprise was the dedication of employees who are "true believers" in the mission of making mobility affordable and empowering.
- Top priorities for 2018 include resuming execution-focused business operations, repairing the brand sentiment among riders and drivers, and solidifying the leadership team.
- Key leadership changes include hiring Tony West as Chief Legal Officer and appointing Barney Hartford as CEO of the core business, with the search for a CFO ongoing.
- The SoftBank transaction was retained as a strategic move to secure deep-pocketed, smart capital focused on autonomy and electrification adjacencies.
- The SoftBank investment served as a catalyst for governance reforms, including a shift toward a "one share, one vote" structure and resolving board conflicts between Bill Gurley and Travis Kalanick.
- The investment provided liquidity for long-time employees and helped stabilize the company's relationship with investors following periods of turmoil.
- The Waymo settlement ended a significant distraction and legal threat that questioned the integrity of Uber's autonomous technology and leadership.
- Khosrowshahi indicated that the settlement was beneficial despite neither party being fully satisfied, as it normalized relations with Alphabet and Google.
- Regarding Yandex, Uber decided against direct competition in markets like China and Russia, opting instead for an equity stake to acknowledge the strength of local competitors.
- Uber aims to cover 80% of the global population through a combination of direct operations and strategic investments in local markets.
- The company plans to integrate multimodal transport, offering seamless connections between rides, buses, subways, and bikes with real-time data to reduce friction for consumers.
- Khosrowshahi expressed a vision for Uber to eventually manage city bus systems and act as a comprehensive mobility platform rather than just a rideshare service.