It turns out that flooring the gas pedal on the way to a $70 billion valuation doesn’t come without major speed bumps.
Uber’s second-in-command, Chief Business Officer Emil Michael, on Monday became the latest high-level executive to leave the ride-hailing startup. His departure comes as the board of directors adopts a series of recommendations about its corporate culture from former Attorney General Eric Holder, which the service will release to employees on Tuesday. The company has been mum about the future of embattled CEO Travis Kalanick, such as whether it would approve a leave of absence for him .
The troubles tailing Uber raise questions about how a company with a dysfunctional corporate culture was able to earn a lofty valuation that exceeds General Motors ( GM ) and Ford ( F ). Amid allegations of sexual harassment and high-profile executive departures, Uber is facing questions about whether it can keep its hold on customers and investors. The hashtag #DeleteUber reflects consumer frustration with the company’s practices, such as reports the service profited from surge pricing after the London terror attacks earlier this month.
“Uber is an adolescent brand, but they are dealing with very adult brand problems,” said Matt Rizzetta, chief […]