July 20, 2017

Uber officials scramble to recover after Kalanick resignation

UBER CEO Travis Kalanick
By Heisenberg Media [CC BY 2.0], via Wikimedia Commons

Ride-sharing company Uber is heading back to the drawing board following the resignation of CEO Travis Kalanick, whose June 20 exit from the $70 billion company resulted from a shareholder revolt.

The embattled executive stepped down in response to a letter signed by several of Uber’s shareholders, said a person familiar with the situation who asked not to be named.

The investors had demanded that Kalanick resign in the wake of long-running controversy over Kalanick’s aggressive behavior and the company’s workplace culture. They included one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board.

Others who signed the letter include […]

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