8-KLeadership Changes

Uber Technologies, Inc 8-K Report, Executive Changes (Nov 17, 2023)

Filed November 17, 2023For Securities:UBER

Summary

Uber Technologies, Inc. (UBER) announced a significant addition to its Board of Directors with the appointment of Turqi Alnowaiser, effective November 16, 2023. Mr. Alnowaiser brings extensive global financial and operational expertise, notably from his leadership roles at the Public Investment Fund (PIF) of Saudi Arabia, where he headed international investments. His appointment is expected to enhance the board's strategic oversight and leverage his experience in financial services, regulation, and international markets. Investors should note that Mr. Alnowaiser has been appointed to the Audit Committee, indicating a focus on financial governance and compliance. His compensation will align with the company's existing non-employee director program, including a cash retainer and restricted stock units, reflecting a commitment to aligning director interests with shareholder value. This strategic board enhancement signals Uber's continued focus on global growth and robust corporate governance.

Key Highlights

  • 1Appointment of Turqi Alnowaiser to the Board of Directors.
  • 2Mr. Alnowaiser brings substantial global financial and operational experience from his tenure at the Public Investment Fund (PIF).
  • 3He previously served as Deputy Governor and Head of International Investments Division at PIF.
  • 4Mr. Alnowaiser has experience on other public company boards, including Lucid Group, Inc. and Hapag-Lloyd AG.
  • 5He has been appointed to serve on the Company's Audit Committee.
  • 6Compensation for Mr. Alnowaiser includes an annual cash retainer and restricted stock units, standard for non-employee directors.
  • 7The appointment is aimed at leveraging his expertise in financial services, regulation, and international markets.

Frequently Asked Questions

Turqi Alnowaiser is a seasoned financial executive with extensive experience in global finance and operations. He has held senior positions at the Public Investment Fund (PIF) of Saudi Arabia, including Deputy Governor and Head of International Investments. He also has prior experience at financial firms like Saudi Fransi Capital and Morgan Stanley, and has served on the boards of Lucid Group and Hapag-Lloyd AG.

Mr. Alnowaiser's appointment brings valuable global financial and operational expertise to Uber's Board. His background in international investments and regulatory environments, particularly from his roles at PIF, is expected to strengthen the board's strategic oversight and contribute to Uber's global growth initiatives.

Mr. Alnowaiser has been appointed to serve on the Company's Audit Committee. This role is crucial for overseeing financial reporting, internal controls, and risk management.

Mr. Alnowaiser will be compensated according to Uber's standard program for non-employee directors. This includes an annual cash retainer and an annual grant of restricted stock units, with prorated amounts for his partial year of service. He will also receive a cash retainer for his Audit Committee service.