Key points at a glance:

  • Autonomous driving technology company Waymo announced on Monday that it hasappointed Google executive Steve Fieleras its Chief Financial Officer (CFO).
  • According to a post by Waymo co-CEO Tekedra Mawakana on LinkedIn, Fieler will succeed Elisa de Martel starting December 1.
  • Mawakana said in the post: "This is a pivotal moment in our journey as we continue to scale our fully autonomous ride-hailing business, expand global operations, and grow our team. Steve's extensive experience will guide us through the next chapter of transformation."

In-depth analysis:

Alphabet's Waymo offers a public fully autonomous ride-hailing service. According to the company's official website, passengers can hail autonomous vehicles through the Waymo app at any time.

On Wednesday, the company announced it would begin offering driverless services onhighways in the San Francisco Bay Area, Phoenix, and Los Angeles. According toBloomberg reports, this is the first time a U.S. robotaxi provider has opened highway services, a milestone that positions Waymo more favorably in competition with ride-hailing companies and traditional taxi services.

According to financial results released last month, Alphabet's "Other Bets" segment, which includes autonomous ride-hailing services, generatedrevenue of $344 millionin the third quarter ended September 30, down from $388 million in the same period last year.

According to ablog postpublished by Mawakana, Fieler has nearly three decades of financial experience and previously served as Google's Vice President of Planning, Business Operations, Investments, and Investor Relations.

Fieler also served as the business finance officer for Google's Platforms & Ecosystems division, which oversees products like Android and Chrome. Mawakana said: "His five years of experience within Google and the broader Alphabet ecosystem give him valuable insight into our foundational and growth objectives."

Before joining Google, Fieler served as Chief Financial Officer at HP.

Waymo's current CFO is stepping down after three years in the role. The company did not immediately respond to requests for comment on the reason for de Martel's departure.

Mawakana said in the LinkedIn post: "I want to thank Elisa de Martel for her impact during her three years as CFO. We wish her all the best as she embarks on her next chapter."