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AP Photo/Paul Sakuma

Uber has picked Expedia CEO Dara Khosrowshahi as its next chief executive, as first reported by Recode and confirmed by Axios. A formal announcement could come as early as tomorrow.

Why it matters: Uber is the most highly-valued, pre-IPO tech startup in history — with dozens of venture capital firms (and their investors) having already baked in its success. It also has become one of Silicon Valley's most contentious corporate soap operas, while continuing to generate billions in revenue by having helped revolutionize global transportation.

Backstory: Coming into the weekend, there were two official finalists: Khosrowshahi and General Electric chairman Jeff Immelt. But Immelt got the sense by this morning that he didn't have enough support on the Uber board — despite (or perhaps because of) backing from former Uber CEO Travis Kalanick — and formally withdrew from consideration. That seemed to only leave Khosrowshahi, but multiple sources say that Hewlett-Packard CEO Meg Whitman reemerged as a serious contender, despite also having publicly bailed on the process late last month after her name leaked. In fact, Whitman was still in the mix as of early afternoon on Sunday.

Bio: Khosrowshahi has been CEO of Expedia since 2005, most of which time the travel site was part of IAC/InterActiveCorp (it spun out independently in 2005). Before that he served in other executive roles with IAC, and also spent time as an investment banker with Allen & Co. He currently sits on the boards of Fanatics and The New York Times Co.

Fun fact: Expedia was founded and initially led by Rich Barton, who once was a partner with Benchmark Capital — the VC firm that is Uber's largest outside shareholder, and the one suing Kalanick for fraud.

What's next? Uber is still missing a slew of senior positions, including chief financial officer, chief operating officer and global head of operations. It also needs to name an independent board chair, per an accepted recommendation of Eric Holder's recent report into sexual harassment and other negative aspects of Uber's corporate culture.

The story has been updated with the correct date Expedia was spun off.

Go deeper

Updated 31 mins ago - Politics & Policy

Here come Earmarks 2.0

DeLauro at a hearing in May 2020. Photo: Alex Wong/Getty Images

The House Appropriations Committee is preparing to restore a limited version of earmarks, which give lawmakers power to direct spending to their districts to pay for special projects.

Why it matters: A series of scandals involving members in both parties prompted a moratorium on earmarks in 2011. But Democrats argue it's worth the risk to bring them back because earmarks would increase their leverage to pass critical legislation with a narrow majority, especially infrastructure and spending bills.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

UN says Paris carbon-cutting plans fall far short

Illustration: Sarah Grillo/Axios

Nations' formal emissions-cutting pledges are collectively way too weak to put the world on track to meet the Paris climate deal's temperature-limiting target, a United Nations tally shows.

Driving the news: This morning the UN released an analysis of the most recent nationally determined contributions (NDCs) — that is, countries' medium-term emissions targets submitted under the 2015 pact.

Biden condemns Russian aggression on 7th anniversary of Crimea annexation

Putin giving a speech in Sevastapol, Crimea, in 2020. Photo: Mikhail Svetlov/Getty Images

President Biden reaffirmed U.S. support for the people of Ukraine and vowed to hold Russia accountable for its aggression in a statement on Friday, the 7th anniversary of Russia's 2014 invasion of Crimea.

Why it matters: The statement reflects the aggressive approach Biden is taking to Russia, which he classified on the campaign trail as an "opponent" and "the biggest threat" to U.S. security and alliances.