Turqi Alnowaiser
Uber TechnologiesAbout Turqi Alnowaiser
Turqi Alnowaiser, age 48, is an independent director of Uber Technologies, Inc., serving since November 2023 (tenure ~1.4 years as of March 24, 2025). He is Deputy Governor and Head of the International Investments Division at Saudi Arabia’s Public Investment Fund (PIF), and serves on Uber’s Audit Committee; the Board has determined he is independent under NYSE standards .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Public Investment Fund (PIF), KSA | Deputy Governor & Head of International Investments Division | Jun 2021–present | Oversees global investment strategy; senior leadership in sovereign wealth operations |
| Public Investment Fund (PIF), KSA | Head of International Investments | Oct 2016–Jun 2021 | Led international portfolio build-out |
| Public Investment Fund (PIF), KSA | Senior Advisor | Oct 2015–Sep 2016 | Strategic advisory to Governor |
| Saudi Fransi Capital | Head of Asset Management; prior executive roles | Dates not specified | Led asset management at leading Saudi financial services firm |
| Morgan Stanley; Capital Market Authority (KSA); Saudi Industrial Development Fund | Various roles in financial product development/management/regulation | Dates not specified | Developed and regulated financial products across asset classes |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Lucid Group, Inc. | Director; Chair of the Board | Director since Apr 2019; Chair since Apr 2023 | Board leadership and oversight of EV OEM strategy |
| Hapag-Lloyd AG | Director | Since Feb 2018 | Oversight at global shipping/logistics company |
Board Governance
| Item | Status | Detail |
|---|---|---|
| Committees | Audit Committee member | Audit Committee members are “financial experts” and financially literate per SEC/NYSE; Audit met 6 times in 2024 |
| Independence | Independent director | Board independence determination lists Alnowaiser as independent |
| Attendance | ≥75% in 2024 | Each director attended at least 75% of Board/committee meetings; Board held 9 meetings in 2024 |
| Years of service | ~1.4 years | As of Mar 24, 2025 |
| Chair/Lead roles | None at Uber | Board has an independent Chair (Ronald Sugar) |
| Executive sessions | Conducted in 2024 | Non-management sessions held without management |
Fixed Compensation
| Component (2024) | Amount (USD) | Notes |
|---|---|---|
| Cash Fees | $70,000 | Comprises $50,000 annual director retainer + $20,000 Audit member retainer per policy |
| Annual RSU Grant (grant-date fair value) | $270,451 | Policy target $275,000; fair value reflects accounting method |
| Total (Cash + Stock) | $340,451 | No meeting fees; reasonable expense reimbursement |
Policy reference table (for context):
- Annual cash retainer $50,000; Audit member $20,000; Audit Chair $40,000; Compensation/Nominating member $15,000; Chair $30,000; Independent Chair additional $200,000; Annual RSU $275,000 .
Performance Compensation
Uber does not grant performance-based equity to non-employee directors; director equity is time-based RSUs with service vesting.
| Equity Grant Mechanics (2024) | Detail |
|---|---|
| Annual director RSU | $275,000 policy target; prorated if joined post-annual meeting |
| Vesting | RSUs vest on the day prior to the next Annual Meeting (for the 2024 grant, day prior to 2025 Annual Meeting) |
| Alnowaiser outstanding director RSUs | 3,782 shares outstanding as of Dec 31, 2024; no vested/deferred portion reported |
Other Directorships & Interlocks
| Relationship | Details | Potential Interlock/Conflict Consideration |
|---|---|---|
| PIF (significant shareholder) | Alnowaiser is Deputy Governor & Head of International Investments; PIF holds 72,840,541 Uber shares (3.48%) | Material shareholder representation on Board may present alignment/conflict considerations (see Governance Assessment) |
| Lucid Group, Inc. | Chair of the Board | No disclosed related-party transactions with Uber in 2024 |
| Hapag-Lloyd AG | Director | No disclosed related-party transactions with Uber in 2024 |
Expertise & Qualifications
- Financial services, regulatory and operational expertise from PIF leadership and prior roles in asset management and capital markets .
- Audit Committee “financial expert” and financially literate per SEC/NYSE standards .
- Global leadership experience across Middle East and international investments .
Equity Ownership
| Holder | Shares | % Outstanding | Notes |
|---|---|---|---|
| Turqi Alnowaiser (direct) | 2,507 | * | Personal holdings |
| Public Investment Fund (PIF) | 72,840,541 | 3.48% (combined line for Alnowaiser/PIF totals 72,843,048) | PIF address provided; Alnowaiser is senior PIF executive |
| Aggregate beneficial (line reported for Alnowaiser) | 72,843,048 | 3.48% | Includes PIF holdings per footnote |
| Outstanding director RSUs (as of 12/31/24) | 3,782 | n/a | Portion vested/deferred: none reported |
| Hedging/Pledging | Prohibited | Company policy prohibits hedging/pledging by directors/employees | |
| Ownership guidelines | Director: 10× annual cash retainer; in compliance | All directors and executive officers were in compliance as of 2024 measurement date |
Governance Assessment
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Positive signals:
- Independent Audit Committee service with financial expert status; Audit oversight includes cybersecurity, privacy, ethics/compliance, fraud prevention; robust quarterly reporting cadence .
- Board structure with independent Chair; majority vote for directors; quarterly committee meetings; executive sessions; prohibitions on hedging/pledging; proxy access; clawback policy exceeds SEC/NYSE .
- Attendance: at least 75% of Board/committee meetings in 2024; Audit met six times, Board nine .
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Alignment and incentives:
- Director pay mix balanced (cash + time-based RSUs); no meeting fees; RSU vesting aligns with annual service; RSU conversion/deferral program available to U.S.-based directors; stock ownership guideline at 10× cash retainer, with 2024 compliance .
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Potential conflicts and related-party exposure:
- RED FLAG: Alnowaiser’s senior role at PIF while PIF is a 3.48% shareholder of Uber may present perceived influence or conflict risks, particularly given Audit Committee membership (oversight of related-party transactions). Mitigants: Uber’s written Related Party Transactions Policy requires Audit Committee review/approval of any transactions involving directors or >5% holders; no specific related-party transactions disclosed for 2024 involving Alnowaiser/PIF .
- Time to compliance: While guidelines state all directors were in compliance in 2024, monitor ongoing compliance and any pledging/hedging violations (prohibited by policy) .
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Independence/engagement:
- Board explicitly determined Alnowaiser is independent; Nominating & Governance Committee annually evaluates independence, external commitments, and performance; 2024 self-evaluation completed Feb 2025 .
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Overall investor confidence implications:
- His global investment and regulatory expertise strengthens Audit oversight and risk governance. The PIF linkage requires continued transparency and strict adherence to related-party policies; any Uber–PIF or Uber–Lucid/Hapag-Lloyd business dealings should be pre-cleared by Audit Committee and disclosed to avoid shareholder concern .