Uber names Prashanth Mahendra-Rajah as CFO

(Reuters) -Uber Technologies on Wednesday named Analog Devices (NASDAQ:) CFO Prashanth Mahendra-Rajah as the finance chief of the ride-hailing company.

The development comes as Uber (NYSE:) gears up against competition from smaller rival Lyft (NASDAQ:).

Mahendra-Rajah will join Uber on Nov. 13 and replaces Nelson Chai, who announced his plan to step down from the role in August.

Mahendra-Rajah was previously the CFO at vehicle technologies supplier WABCO Holdings (NYSE:) and has held other financial leadership roles at Applied Materials (NASDAQ:), Visa (NYSE:) and United Technologies (NYSE:).