Uber CEO to Take Leave, Diminished Role after Workplace Scandals

Megalith

24-bit/48kHz
Staff member
Joined
Aug 20, 2006
Messages
13,003
As hinted by reports over the weekend, Travis Kalanick will indeed be taking a temporary leave of absence from Uber. Nobody knows when he’ll return, but he will come back to a diminished role: some of the CEO’s job responsibilities will be transferred to a chief operating officer (a position that hasn’t been filled yet). The investigation into Uber has resulted in a long “to-do” list for the company, but it remains to be seen how well they will clean up their act.

The company will be run by a management committee as it tries to navigate a wave of scandals. Upon Kalanick’s return, Uber will strip him of some duties and appoint an independent chair to limit his influence, according to an advance copy of a report prepared for the board. At a staff meeting Tuesday, the company conveyed the results of a probe conducted by Eric Holder, the former U.S. attorney general who Uber hired to look into allegations of harassment, discrimination and an aggressive culture. The 47 recommendations include creating a board oversight committee, rewriting Uber’s cultural values, reducing alcohol use at work events, and prohibiting intimate relationships between employees and their bosses.
 

TwiceOver

2[H]4U
Joined
Jan 14, 2003
Messages
2,410
And on the way out, we'll pay him $100M even though we haven't yet been profitable.
 

J3RK

[H]F Junkie
Joined
Jun 25, 2004
Messages
9,886
I'd like to see him say "I'm the douche! Come at me bro!"
 

Chunder

Gawd
Joined
Dec 5, 2011
Messages
519
Oh no! Guy who got rich off of taking the profits from others hard work building up a company and doing the labor, forced into diminished role by his own bad decisions that severely hurt the company. Will be punished by spending free time at the age of 40 doing whatever he wants with his 6+ billion dollars. THE TRAVESTY!
 

alxlwson

You Know Where I Live
Joined
Aug 25, 2013
Messages
8,290
I don't understand how the aren't profitable. They should be running lean, it's the most simple of business models. Sound be pure profit.

Oh no! Guy who got rich off of taking the profits from others hard work building up a company and doing the labor, forced into diminished role by his own bad decisions that severely hurt the company. THE TRAVESTY!


Lol seriously? This is EVERY business owner ever. L2econ
 

etudiant

n00b
Joined
Jan 28, 2017
Messages
36
Just wonder how a committee is going to keep this hugely unprofitable business afloat. They lose about $750MM annually at present.
Kalanick was an extraordinarily capable fund raiser. Now a team of his underlings has to step up to that job, while no one knows who is on first.
 

focbde

Gawd
Joined
Jan 31, 2008
Messages
545
Kalanick was an extraordinarily capable fund raiser. Now a team of his underlings has to step up to that job, while no one knows who is on first.

Pity he's such an insufferable arsehole who'll smear his own shit on toast and think it's Nutella.
 

etudiant

n00b
Joined
Jan 28, 2017
Messages
36
Pity he's such an insufferable arsehole who'll smear his own shit on toast and think it's Nutella.

Perhaps not a 'nice guy', but his fund raising was spectacular and essential for the the firm's growth and success. Now he is out as is David Bonderman, the TPG co-founder who was on Uber's Board.
Still Uber needs to keep the funds flowing because they are still far from profitability. Yet the only money man left on the Board now is Bill Gurley, of Benchmark Capital. He does not have Bonderman's clout, imho
A cautious, by the book strategy will kill the company dead, the cash will dry up before the profits come in. Not confident that the incoming group leadership can be bold enough to avoid shipwreck.
 

Uvaman2

2[H]4U
Joined
Jan 4, 2016
Messages
3,143
The only CEO I would price at a couple of million is Lisa Su, the rest of these fuckers are over priced suits worth under a million.
 
Top