Shareholder Discontent, Negative Press Force Uber Founder Out As CEO

Pablo Tucker
June 22, 2017

For months, Uber has been in a dramatic and public downward spiral.

To make matters worse: Uber faces a depleted C-Suite. A number of other top execs, including its SVP of business, have also recently left or been pushed out.

"You need to create an infrastructure so [sexual harassment] will never happen again", Monaghan said. "There are leadership vacuums in every key function".

Uber "is the very definition of a toxic leadership culture" and Kalanick "set the tone", said Jason Hanold, chief executive officer and managing partner at human resources executive recruitment firm Hanold Associates. The leave was intended for him to grieve for his mother and work on becoming a better leader.

That is only the beginning of Kalanick and Uber's struggles however.

Neither Sandberg nor Uber commented on the media speculation.

"We look forward to continuing to serve with him on the board", the statement read.

Despite his resignation, Kalanick possesses an outsized share of company votes and will remain on its board.

She predicts Kalanick's successor might be someone unexpected, someone seasoned and, notably, someone with a "calming presence" - again, because Uber's turnaround will be not financial, but cultural. How can a company that grew to a almost $70 billion valuation on the culture that Kalanick built progress without the very man who took it to where it is right now?

Uber has just undergone a shareholder revolt.

In a collective statement, Uber's board told the Times that Kalanick had "always put Uber first", and that his resignation would give the company "room to fully embrace this new chapter in Uber's history".

The biggest problem right now is that Uber is Travis Kalanick, and vice versa.

That's significant, as Paris is where Kalanick is said to have come up with the idea for Uber. This time around, Aggarwal said investors who sit on the board will be able to help choose the company's chief executive, meaning there likely won't be as many clashes.

The company's hard-charging style has led to legal trouble.

On the day Kalanick resigned, Uber launched a process of rebuilding its relationship with its drivers.

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.

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