Uber Technologies has confirmed that Dara Khosrowshahi will take up the position of CEO bringing to an end a two-month search after co-founder and CEO Travis Kalanick resigned in June.
"We're really fortunate to gain a leader with Dara's experience, talent and vision," the board wrote. "The Board and the Executive Leadership Team are confident that Dara is the best person to lead Uber into the future building world-class products, transforming cities, and adding value to the lives of drivers and riders around the world while continuously improving our culture and making Uber the best place to work."
Khosrowshahi will meet with employees in the California office on Wednesday and meet with employees, including drivers, around the world over the next few weeks, the board said in its note.
Uber has been under pressure from investors after a slew of scandals rocked the company, including sexual harassment claims and lawsuit from Alphabet's (GOOGL - Get Report) self-driving car business Waymo over trade secrets theft.
Kalanick was forced out in June and since then names such as Hewlett-Packard Enterprise (HPE - Get Report) CEO Meg Whitman and General Electric's (GE - Get Report) former CEO Jeff Immelt were named as possible candidates, both pulled their names from consideration.
Expedia shares fell 0.13% in after hours trading Tuesday, after closing at $143.99.
Uber is facing severe competition in many areas.
Grab, the ride sharing company that's challenging Uber Technologies in Asia, secured its second major investment in as many months Wednesday after the world's biggest carmaker said it would take a stake in the Singapore-based group.
Toyota Motor Corp. (TM - Get Report) investment arm, Toyota Tsusho Crop., said it has taken an undisclosed stake in Grab through its Next Technology Fund, a $55 billion division is established earlier this year to identify next-generation automobile-related businesses opportunities. The Toyota investment follows a $2 billion investment from Japan's SoftBank (SFTBY) and China's Didi Chuxing in July that valued GrabTaxi Holdings Pte Ltd. at just over $6 billion.
More of What's Trending on TheStreet: