- Title: Uber CEO was a 'distraction' - analyst
- Date: 21st June 2017
- Summary: LONDON, ENGLAND, UNITED KINGDOM (JUNE 21, 2017) (REUTERS) 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 himself 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 of becoming the main riding hailing app in the US, where Lyft has been gaining some traction and more globally. And so I think probably the sense is that maybe Uber is getting closer to a point where it can actually IPO and maybe Travis was not the man to take over that final hurdle."
- Embargoed: 5th July 2017 11:06
- Keywords: Uber Kalanick resignation
- Location: VARIOUS
- City: VARIOUS
- Country: USA
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA0046M7ZH59
- Aspect Ratio: 16:9
- Story Text:Uber Technologies Inc Chief Executive Travis Kalanick, co-founder of one of the most influential technology companies of its generation, resigned on Tuesday (June 20) under mounting pressure from investors over his leadership.
Kalanick's departure caps a tumultuous period for the world's largest ride-services company, which upended the taxi industry and transportation regulations globally with Kalanick at the helm.
The 40-year-old has faced increased scrutiny in recent weeks following an investigation into the culture and workplace practices at a company he helped start in 2009 and is now the world's most highly valued startup.
But it was a chorus of demands for changes at the top from some of Uber's biggest investors that ultimately forced Kalanick out, according to a source familiar with the matter.
Venture capital firm Benchmark, whose partner Bill Gurley is one of Uber's largest shareholders and sits on its board, as well as investors First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investments, all pressed Kalanick to quit. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
