- Uber CEO Dara Khosrowshahi was provided an enormous trove of inventory after surpassing efficiency objectives.
- The inventory is price over $130 million.
- He’s ushered in a turnaround on the ride-hailing large over the previous yr.
After steering Uber previous a $120 billion valuation, CEO Dara Khosrowshahi simply unlocked the chance to buy an enormous trove of inventory within the ride-hailing firm.
Khosrowshahi’s supply got here after he surpassed objectives set by an fairness incentive plan in 2017, in accordance with an SEC submitting from earlier this month.
The submitting says Khosrowshahi could be provided to purchase the shares if Uber maintained a $120 million valuation over a 90-day buying and selling interval.
That feat was achieved on Feb. 6, and Khosrowshahi was given the choice to purchase 1.75 million Uber shares at an train value of $33.65, in accordance with the submitting.
Uber is buying and selling at about $78 now, which means the inventory is price about $136.5 million.
According to the submitting, Khosrowshahi plans to make the most of the inventory supply, however not throughout the subsequent 90 days.
The targets had been set earlier than the corporate’s IPO in 2019, The Financial Times notes. And whereas Uber struggled within the wake of its public debut, Khosrowshahi has helped usher in a turnaround over the previous yr by slicing prices, abandoning non-core companies like self-driving vehicles, and discovering new income streams in promoting.
Earlier this month, Khosrowshahi introduced Uber’s first annual working revenue of $1.1 billion and unveiled a $7 billion share buyback plan for traders.
In addition to Khosrowshahi, Uber Chief Legal Officer Tony West and Chief People Officer Nikki Krishnamurthy additionally earned the fitting to purchase 2.25 million shares in Uber underneath the inducement plan, in accordance with The Financial Times.
The Financial Times notes Khosrowshahi package deal is not distinctive amongst prime tech execs. Alphabet CEO Sundar Pichai was paid $226 million in 2022 due to main inventory rewards, whereas Amazon chief Andy Jassy pocketed $200 price of inventory within the firm after succeeding founder Jeff Bezos.