Waymo just brought in a heavy hitter from Google's finance team. The autonomous driving company tapped Steve Fieler as its new CFO, replacing Elisa de Martel after three years. The timing isn't coincidental - Waymo explicitly mentioned this could signal "additional outside investment" as it scales beyond five cities.
Waymo just pulled a classic pre-funding move by installing a finance veteran from its parent company. Steve Fieler, who spent years managing Google's investments and investor relations, now becomes CFO of the autonomous driving subsidiary at a critical inflection point.
The appointment comes as Alphabet's "Other Bets" division, which houses Waymo, burned through $1.43 billion in the third quarter alone - a 28% jump from the $1.12 billion loss the same period last year, according to recent earnings. Revenue actually dropped to $344 million from $388 million year-over-year, making the CFO switch even more telling.
"Steve's extensive experience will be instrumental in guiding us through this next chapter," Waymo co-CEO Tekedra Mawakana said in a LinkedIn post, thanking outgoing CFO Elisa de Martel for her three-year tenure since 2022.
Fieler brings serious Wall Street credibility. As VP of planning, investments and investor relations at Google, he managed relationships with the exact institutional investors Waymo might soon court. Before that, he handled business finance for Google's "Platforms and Ecosystems" unit covering Android and Chrome - products that generate tens of billions annually.
The executive shuffle coincides with Waymo's most aggressive expansion phase yet. The company now runs commercial robotaxi services across Los Angeles, Phoenix, San Francisco, Atlanta and Austin, with Miami and Washington DC slated for 2026 launches. It even secured testing permits for New York City in August.
But scaling burns cash fast in the autonomous vehicle space. Tesla's Full Self-Driving development has consumed billions over years. Amazon's Zoox subsidiary just launched in Las Vegas but faces similar capital intensity. Cruise, backed by General Motors, nearly collapsed before securing fresh funding.
Fieler's background suggests Waymo might be preparing for a significant funding round or even exploring IPO possibilities. His previous role at as CFO, plus experience with early-stage companies and General Electric, gives him the full spectrum of corporate finance expertise.
