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Uber CEO quits under investor pressure

Wednesday, June 21, 2017 - 01:40

Uber Technologies Chief Executive Travis Kalanick, co-founder of one of the most influential technology companies of its generation, resigns under mounting pressure from investors over his leadership. Ivor Bennett reports.

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This was Travis Kalanick in happier times. Named as one of Time Magazine's 100 most influential people, just four years after founding Uber. Less than four years on though, that influence is waning. Resigning as CEO under mounting pressure from investors. SOUNDBITE (English) JASPER LAWLER, SENIOR MARKETS ANALYST, LONDON CAPITAL GROUP, SAYING: "The sense I think is that there's been too much scandal at Uber and that it's started to get to the point where he as CEO and the departure of a few executives at Uber is starting to rub off badly. It's distracting the company from its main mission." The decision follows an investigation into the company's practices. Which recommended curbing Kalanick's powers after allegations of sexual harassment. There are concerns on the business front too. Local competition in places like China has put Uber in the backseat. But at 68 billion dollars, it's still the world's most highly valued startup. And for now, one that's privately owned. SOUNDBITE (English) JASPER LAWLER, SENIOR MARKETS ANALYST, LONDON CAPITAL GROUP, SAYING: "I think probably the sense is that maybe it is getting closer to a point where it can actually IPO and maybe Travis was not the man to take over that final hurdle." Brazen and aggressive, Uber was a company that was moulded around its founder. But it seems it's not a mould that's set in stone. Announcing, only hours before Kalanick quit, that drivers will now be allowed to collect tips. In a U-turn on longstanding company policy.

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Uber CEO quits under investor pressure

Wednesday, June 21, 2017 - 01:40