Uber Technologies (UBER) Gets Flex CEO as New Board Member
Per a Sec filing, Uber Technologies UBER appointed Revathi Advaithi to its board. Notably, Advaithi is the current CEO of Flex Ltd. FLEX. She has been at the helm of this currently Zacks Rank #5 (Strong Sell) Singapore-based company since February 2019.
Advaithi came aboard the San Francisco-based ride hailing company this July. She has been appointed as an independent director and member of the Audit Committee.
Armed with years of experience, Advaithi has served many companies in key positions before grabbing the top post at Flex. Uber management hopes that veteran Advaithi’s expertise will help the company in its endeavor to combat the coronavirus crisis in a better fashion. In fact, CEO Dara Khosrowshahi was ecstatic about this new appointment. He said: “I look forward to working with her.”
Apart from Advaithi’s inclusion, Uber was in news recently for being in talks reportedly to buy Postmates for $2.6 billion as it aims to boost its delivery business. This strategic action follows Uber’s failed attempt to acquire the presently Zacks Rank #3 (Hold) Grubhub GRUB. Notably, Postmates has the fourth-largest market share in the U.S. food delivery space.
Uber’s focus on strengthening its foothold in the food delivery market seems prudent, given the current downturn in its core ride-hailing business, thanks to people being mostly confined to homes due to coronavirus woes.
Zacks Rank & Key Pick
Uber carries a Zacks Rank # 3 at present. A better-ranked stock in the same space is Dropbox DBX. The Zacks Consensus Estimate for this player’s current-year earnings has been revised 5.7% upward over the past 60 days.
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