Uber CEO Kalanick relinquishes power after investor mutiny

Uber CEO Kalanick relinquishes power after investor mutiny

Uber needs a new leader after former CEO and company founder Travis Kalanick resigned Tuesday night under pressure from Uber's board and investors.

Kalanick helped found the San Francisco-based ride-hailing service in 2009.

His exit comes after major investors reportedly pressured him to resign Tuesday. Kalanick, who was in Chicago at the time then consulted with some of the investors and board members as a last resort before finally agreeing to step down.

Former Ford CEO Alan Mulally and longtime American Airlines executive and former Virgin America CEO David Cush are among the outsiders the board may consider, analysts say.

More recently, they have been under investigation by multiple law firms while battling sexual harassment allegations and attempting to redefine their culture - growing from an aggressive, blunt, and sometimes legally questionable approach to a more refined, employee responsive and accommodating company.

In order to motivate Uber drivers, the company has reversed its policy on tipping and has now enabled users to tip drivers through the app in three main cities, Seattle, Houston and Minneapolis.

Travis Kalanick's combative personality created the culture that let Uber grow from startup to behemoth in just eight years.

Earlier this month, Uber fired more than 20 employees following its internal investigation over sexual harassment, discrimination and unprofessional behavior.

The New York Times was the first to report Kalanick's departure.

Officer: Marijuana smell made him feel in danger
Um he just kept his arms up and I don't remember hearing anything coming out of his mouth if he said anything, ' he said. Paul area since the acquittal on Friday, calling the shooting unreasonable and evidence of racism in the justice system.

But "the significance of Uber has declined because the company has not managed to present itself in a stable and socially responsible way", Dudenhoeffer said.

But there is no denying that he has also been at the root of much that is wrong with Uber as an organisation.

Kalanick and other executives were also criticized for the handling of a crisis in India after an Uber driver was arrested for raping a passenger.

Ultimately, it was some of Uber's main investors who forced Kalanick out, according to a source familiar with the matter.

Uber CEO quits but is it enough? Uber posted a $708 million first-quarter loss, unable to turn $3.4 billion in revenue into a profit.

Uber has just undergone a shareholder revolt.

Fowler has since left for another Silicon Valley company called Stripe. 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.

Kalanick retains a seat on the board and is likely to exert some influence thanks to his substantial holding of shares in the company.

"It really depends on who they're getting and how they manage the next six months", Rao said.

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