Uber Founder Travis Kalanick Resigns as C.E.O.

[Eugene]

Source: New York Times

By MIKE ISAAC JUNE 21, 2017

Travis Kalanick stepped down Tuesday as chief executive of Uber, the ride-hailing service that he helped found in 2009 and that he built into a transportation colossus, after a shareholder revolt made it untenable for him to stay on at the company.

Mr. Kalanick’s exit came under pressure after hours of drama involving Uber’s investors, according to two people with knowledge of the situation, who asked to remain anonymous because the details are confidential.

Earlier on Tuesday, five of Uber’s major investors demanded that the chief executive resign immediately. The investors included one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board. The investors made their demand for Mr. Kalanick to step down in a letter delivered to the chief executive while he was in Chicago, said the people with knowledge of the situation.

In the letter, titled “Moving Uber Forward” and obtained by The New York Times, the investors wrote to Mr. Kalanick that he must immediately leave and that the company needed a change in leadership. Mr. Kalanick, 40, consulted with at least one Uber board member and after long discussions with some of the investors, he agreed to step down. He will remain on Uber’s board of directors.

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Read more: https://www.nytimes.com/2017/06/21/technology/uber-ceo-travis-kalanick.html

[FrodosNewPet]

1. He became a huge liability for Uber

The misogyny, the cut-throat competitiveness, the shortcuts and disregard for government regulations earned him respect from Randian frat bros, but it alienated a lot of other people. It turned a once promising concept and company into a punchline.

It's a shame, a 21st Century high tech tragedy. Transportation is a vital service, and many of the old school providers were doing a bad job of providing that service. But, as I have said before, Uber's goal of killing the traditional taxi industry was starting to look like a murder suicide. In the quest for rapid growth and market share, they were charging below the cost of delivery and ending up with a fleet full of untrained, unsupported, unmotivated drivers who have started creating a serious image problem.

The next couple years will be interesting as to whether they can keep the lights on before running out of investor money.

[Lucky Luciano]

2. Now he will be a multi-billionaire beach bum. He still wins. nt

[Yavin4]

3. Can't wait for Joseph Gordon Levitt to portray him in the movie.

You know its going to happen.

[Sunlei]

4. I'd do that as well. Great start up idea, earned millions. Retire and start having some fun :P

[LittleGirl]

5. took him long enough. eom

[not fooled]

6. Hey, now he'll have time

to get involved in puke politics. In some capacity. If he chooses.

He's a perfect fit: major jerk who hates government.

[TexasBushwhacker]

7. There are drivers going broke because of the changes

in the compensation structure. Many purchased or leased new cars just to be Uber drivers and are having a hard time making their car payments.