News Worms
News Worms

Uber Keeps Bleeding Executives: Travis Kalanick Resigns As CEO At Shareholders' Request

Kalanick was in Chicago Tuesday night when he received word that investors wanted him out, the New York Times reported. Arianna Huffington, who sits on Uber's board, is said to be the one who floated the Facebook executive's name for the top post at Uber. In a letter obtained by The New York Times, the investors stated that Mr. Kalanick must immediately resign and that Uber was due for a change in leadership.

Kalanick, 40, stepped down late Tuesday, saying in a statement that his departure would help Uber return to growth "rather than be distracted by another fight".

Shareholders, along with Gurley, are looking for someone who has deep experience, possibly a well-known executive who knows how to manage a big company and knowledge of marketplaces like Uber's, sources say. The loss narrowed from $991 million the previous quarter.

Under pressure from the board and to deal with the recent death of his mother, Kalanick agreed, on June 14, to take an indefinite leave of absence from Uber. That said, Kalanick, who's said to control a majority of the votings rights at Uber, will keep his board seat.

Uber should make a conscious effort to bring more diversity into its other top-level positions as well, said Bob Geller, president of Fusion Public Relations.

In a statement about Kalanick's resignation, Uber's board of directors said: "This is a bold decision and a sign of his devotion and love for Uber". "The company's cultural dysfunction, it seems to me, stems from the very nature of the company's competitive advantage: Uber's business model is predicated on lawbreaking". The effect that might have has yet to be figured out, but competing with local and often corrupt taxi companies is a different beast from competing with public transit infrastructure. In an interview, the outgoing CEO of the company which is valued at over $3 billion joked that he likes to call it "boob-er" as it has helped him get laid more times than he can count.

Travis Kalanick, Uber's co-founder and primary visionary, is out as CEO. "Uber built up staff, procedures, and software systems whose objective was to enable and mobilize passengers and drivers to lobby regulators and legislators - creating political disaster for anyone who questioned Uber's approach", Edelman continued. A dashboard recording given to Bloomberg revealed Kalanick arguing with one of the company's drivers over Uber's treatment of employees.

Uber seeks a strong manager who can fix a broken image, juggle multiple lawsuits and government investigations, develop and nurture a new corporate culture and lead a successful IPO.

Image credit: Uber CEO Travis Kalanick/Twitter.

Kalanick's departure widens an already gaping hole at the top of Uber which has no chief operating officer, chief financial officer or general counsel at the moment.

As Laurie Ruettimann, who spent twenty years working in HR for several major corporations, explained to Vox, Uber only got serious about tackling their hostile culture when Susan Fowler's post went viral.


editors' picks

June 29, 2017
Paul Manafort registers as foreign agent
Manafort had been consulting in Ukraine for Yanukovych and the Party of Regions at least as far back as 2005. When the two lobbying firms registered , Maloni had said at that time that Manafort would as well.

June 28, 2017
Deadly Grenfell Tower blaze because of faulty fridge
Hundreds of further buildings are being tested by the British government to see if they pose a fire threat. The Grenfell Tower fire is believed to have been started by a Hotpoint fridge freezer.

June 28, 2017
Colombia takes big step to peace as rebels lay down guns
The militant rebel group has been involved in drug trafficking, kidnapping and other illicit activity to fund its insurgency. The monitors said they had also found and emptied 77 out of the Farc's 900 arms caches hidden around the countryside.

June 28, 2017
Perth Uber driver charged over indecent assault of passenger
Hayes said Spence rented a room and carried the unconscious woman, who was intoxicated, inside before sexually assaulting her. Spence had been with Uber for about six months and was believed to have worked around various parts of the Los Angeles area.

June 28, 2017
Uber makes it easier to arrange trips for other riders
The rider wouldn't quite know which vehicle to be looking for the and the driver wouldn't know who the rider is. The feature is expected to start rolling out on Wednesday, but will only get to users in batches.

June 28, 2017
Bucks' Brogdon NBA All-Rookie team
Two pillars for the future of the Milwaukee Bucks were recognized during the NBA Awards Monday night. In addition to winning ROY, the Rookie of the Year was also named to All-Rookie First Team.

June 28, 2017
Taylor Swift Congratulates #1 Fan Russell Westbrook on His MVP Win
I am careful as to what I download or play on my devices and I take my time and do research for every game. Earlier in the awards show, Malcolm Brogdon from the Milwaukee Bucks was named the Rookie of the Year .

June 28, 2017
Ansel Elgort studied hard to do sign language justice in Baby Driver
Indeed, beneath all the designer violence and pounding music, Baby Driver's good natured to the point of being nearly quaint. For that one, they put the camera in where Lily [James] would have been sitting when they filmed me drifting out of it.

June 28, 2017
Fake TIME magazine covers displayed at Donald Trump's golf club locations
President Donald Trump has been on the cover of several magazines, but he was not on a March 1, 2009 edition of Time magazine. An odd twist to the fake cover: its barcode corresponds to a piece of Karaoke DJ software, according to Gizmodo Tuesday.

June 28, 2017
Westbrook named 2016-17 NBA MVP
The NBA will announce the victor of the MVP and the other individual honors during the first NBA Awards show in NY . But it was not close, with Westbrook receiving 69 of 101 first-place votes, Harden 22, Leonard nine and James one .