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Uber's top deal maker exits as planned IPO nears

Uber's top deal maker exits as planned IPO nears
Uber, based in San Francisco, is aiming to have an initial public offering in 2019. (Eric Risberg / Associated Press)

Uber Technologies Inc. said Cameron Poetzscher, a longtime executive in charge of corporate deals, has resigned. His departure, which follows allegations of sexual misconduct, leaves another vacancy in Uber’s finance department as the ride-hailing company races toward an initial public offering targeted for the first half of next year.

Poetzscher, a former Goldman Sachs Group Inc. executive, had been accused of misconduct at San Francisco-based Uber and was previously disciplined, the Wall Street Journal reported last month. He told the Journal that he had committed an error in judgment and expressed regret. The Journal reported his resignation earlier Monday.

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Nelson Chai, the recently appointed chief financial officer, will immediately take over Poetzscher’s duties while the company searches for a replacement, said a spokesman, adding: “We thank Cam for his four and half years of service to Uber.”

Poetzscher played a key role in negotiating this year’s $9.3-billion deal with SoftBank Group Corp. That deal, completed in January, brought an influx of cash to the money-losing ride-hailing giant, made SoftBank its biggest investor and triggered a slate of governance reforms.

Uber hired Chai, a former Merrill Lynch executive, in August to drive preparations for an IPO next year. Turnover has been high in the finance group, which leaves Chai with a staffing challenge.

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