"Kalanick had become a giant liability to the car-hailing company for a growing number of reasons, from sketchy business practices to troubling lawsuits to a basic management situation that was akin to really toxic goat rodeo.Uber CEO Travis Kalanick has resigned due to investor pressure, and a search for a new leader is on - Recode
Thus, he had to go, even though some sources said he had the voting power to stay.
But big investors also have leverage and a big enough group of them joined to use it. Those investors include Benchmark, Fidelity and Menlo Ventures, all of whom sent Kalanick a joint letter called “Moving Uber Forward” on Tuesday afternoon. Interestingly, Google Ventures was not among the group, even though its parent company Alphabet is now in a major lawsuit with Uber over the alleged theft of self-driving car technology from its Waymo unit."
Wednesday, June 21, 2017
Uber CEO Travis Kalanick has resigned due to investor pressure, and a search for a new leader is on - Recode
A new chapter begins for Uber