Gett CFO Tal Brener is leaving the company, and will be replaced by Aliaksei Aneichyk who has held a number of positions at the Credit Suisse investment bank involving capital market offerings. Brener's exit comes at a sensitive time for the company, which is considering an offering by the end of the year, but Aneichyk began working at the company a few months ago. Brener is leaving the company after eight years to become CFO of Natural Intelligence.
Early this month, Gett founder and CEO Dave (Shahar) Waiser notified the company's employees that they should be ready for an offering in the third quarter of the year. He added, "In many aspects, such as financial reporting, we are well prepared to turn Gett into a public company, while in other areas, great effort will be required. We have begun consulting our financial advisors in this matter."
Gett said that Aneichyk had extensive experience in offerings and raising money, including 12 years at Credit Suisse in London. He carried out eight offerings in Europe and the US and 11 private placements, in which an aggregate total of $18 billion was raised.
Gett was founded in 2010 by Roy Mor and Waiser. It began its activity on the basis of a phone app for ordering taxis and deliveries. The company has expanded to 120 cities worldwide, with most of its activity and revenue being in London, Moscow, and New York. The company expanded in New York by acquiring competitor Juno for $200 million.
It is likely that Gett is hoping that Aneichyk's experience will help it survive its current challenging period. Gett is in a very competitive market dominated by Uber and Lyft. The market features large investments in acquiring drivers and passengers. In most cities, there is one company that dominates the market. Lyft, in whose share trading began last Friday, reported a $911 million loss in 2018, compared with a $688 million loss in 2017.
Gett decided last year to focus on improving its bottom line, which will have a negative impact on its growth. This effort is part of the company's preparations for an offering. In recent months, a number of reports have appeared about unsuccessful efforts by Gett to sell the company. Gett did not confirm these reports.
Gett said, "We thank Tal Brener for eight years of important contribution to Gett's success and building the company. Tal is an example of dedication, hard work, and infinite investment, and we thank him for it. We wish Tal great success, and believe that he will make a large contribution to any company. At the same time, we welcome Alexei Aneichyk as Gett's new CFO."
Published by Globes, Israel business news - en.globes.co.il - on April 1, 2019
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