Published: Mon, June 26, 2017
Markets | By Noel Gibbs

Uber Chief Executive, Travis Kalanick resigns

Uber Chief Executive, Travis Kalanick resigns

Travis Kalanick yesterday stepped down as CEO of the ride-hailing company he helped found. So the incoming boss will still have a powerful founder breathing down their neck.

Few companies have had such a rapid fallout from such a vast number of crises stemming from the workplace culture perpetuated from the top, while appearing to be at the peak of their success.

Kalanick had been seen as the driving force behind Uber despite a series of embarrassing missteps.

What does history teach about turning around a company in turmoil with an empty executive bench? As part of that effort, it hired Harvard Business School professor Frances Frei as SVP of leadership and strategy this month. "That's the real historic lesson, that you need to move quickly or you're highly vulnerable". "It's going to have to start at the board".

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Other large investors have also added to or reduced their stakes in the company. 14-day Williams %R for Yamana Gold Inc . Wall Street is only getting more bullish on the stock, with 6 of analysts who cover AUY having a buy-equivalent rating.

Uber also fired its president of business in the Asia Pacific, Eric Alexander, after journalists inquired about the former executive's obtaining the medical records of a woman who had been raped while taking an Uber ride in India. There is no chief operating officer or chief financial officer at present, and several other executives have been pushed out in recent months.

But that announcement didn't deter the resolve of the investors who were not appeased by this announcement and wanted a bigger change in the structure of the company.

Kalanick is a polarizing figure.

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"Indefatigable, phenomenal, unlimited upside", Calacanis said.

"I'm glad that they are taking action to address them", Sandberg said. It's important to realize that just because Kalanick is no longer in the ultimate leadership role does not mean he won't have an influential voice at the company. Kalanick left the company on Wednesday morning but will stay on its board of directors. He's known for not caving. The board director Bill Gurley is focused on finding new leadership of the company as soon as possible.

Kalanick has enjoyed sweeping power at Uber, through his share ownership and voting power, as well as his commanding personality and micromanaging tendencies.

"People are seeing how much loyalty they can get from their employees when they treat them as human beings", she told Bloomberg Television's Caroline Hyde.

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As one former employee said, "You put in someone who's more benign or more PC or more timid, and you really think Uber will make it to their valuation or IPO?"

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