Uber CEO Kalanick Resigns Under Investor Pressure

Sheryl Sandberg, Facebook's FB, +0.76% acclaimed chief operating officer, reportedly tops Uber's wish list to replace lightning-rod chief executive Travis Kalanick, who surrendered his job overnight in the midst of a shareholder revolt over company mismanagement.

On Tuesday, five of the ride-hailing app's major investors had demanded the chief executive step down immediately in a letter delivered to him in Chicago, the newspaper wrote. 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.

June 12: Emil Michael, Uber's senior vice-president for business and a close ally of Kalanick, leaves the company. Kalanick resigned Tuesday night under pressure from Uber's board and investors after a series of scandals.

Uber's board said in a statement that Kalanick had "always put Uber first". Instead, Uber is only accountable to the venture capitalists and Silicon Valley bigwigs who backed it, and they're unlikely to just eat a multi-million loss.

Kalanick said earlier this month he was taking an indefinite leave of absence, in part to deal with a personal tragedy.

He will continue to serve on Uber's board, according to a statement Uber's board provided to CNN Tech.

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Now that Kalanick is gone, Uber may be able to attract a high-quality leadership team that's willing and able to get the company back on track - and that can eventually take it public. "There is no business model in being at war". The company often flouted city regulations for taxi companies with a culture that encouraged "Principled Confrontation". Eric Holder's investigation into the company's cultural problems led to a fairly damning set of recommendations that more or less stated the Uber was going to have to completely rebuild itself.

Even some of Kalanick's staunchest allies have found fault with how Uber has been run.

Investors are also calling on Uber to hurry up and hire a chief financial officer - a position that's been vacant since 2015.

She repeated that position on Friday in an interview with Reuters by saying Kalanick's leave of absence was exclusively his decision. "(I) welcome opportunities to see how they really follow an updated set of values that I think represent both the workers and people who use Uber". In May, his mother was killed and his father hurt in a boating accident on a California lake.

Chicago became Uber's fourth market in late 2011, when it was still just a black auto service and had only $11 million in venture funding. After a video showing Kalanick berating an Uber driver who had complained about falling wages was released in February, the CEO made a public apology and promised to seek "leadership help".

"In today's day and age, a brand needs to stand for something, and unfortunately there was no rallying cry around Uber", said Mulberry & Astor's Allieri. In 2016, the only year it provided data for, it collected $20 billion in revenue, but by the time all was said and done, it'd lost $2.8 billion.

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