Uber CEO Travis Kalanick resigns

Now Uber faces what may be a tougher question: Can it live without him? The company was valued at close to $70 billion the last time it sought capital.

April 18: Sherif Marakby, a global vice-president who leads Uber's self-driving vehicle program, leaves the company. The shocking move capped four months of near constant controversy for the ride-hailing startup. After eight years of phenomenal growth by upending the taxi business, Uber had reached a point where the free-wheeling culture that created the company had become an albatross that threatened to kill it. "Change is healthy, and needed", he wrote on Twitter.

"We're fortunate to have a strengthened board with accomplished directors to guide us as we focus on serving our customers and employees, maintaining our growing business, and building a company and culture that we can be proud of", Uber said in a statement. But it was not enough - and pressure mounted for changes at the top.

Kalanick released a statement saying "I love Uber more than anything in the world and at this hard moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted by another fight".

A proposed law in New York City could have forced Uber to enable in-app tipping in its largest USA market by the end of this summer, if it had been approved. Eastern Time when he saw a news alert announcing Kalanick's departure. The company lost $2.8 billion past year.

Uber made a series of costly missteps under Kalanick that damaged its reputation and subsequently led to his resignation.

The shake-up at Uber didn't stop at Kalanick.

Ivanka Trump says administration will ease burden of child care costs
Trump has three children and is often credited with pushing her father to prioritize policies like paid family leave. And both Democrats and Republicans raised questions about the cost burden for states.

"It's one of those moves that will quiet critics, will win some short-term praise and maybe will even work for the next few years", he said.

How did Uber get here?

The wheels of Kalanick's ouster started turning Tuesday, when Uber stakeholders with Benchmark drafted a letter demanding that he step down, according to an Uber investor with knowledge of the situation who asked not to be named. The New York Times is reporting that a group of major Uber investors demanded Kalanick's resignation on Tuesday.

Kalanick initially fought back, determined to survive the coup, the person said. Information within the company had been tightly controlled, giving Kalanick a significant advantage over subordinates, investors and fellow board members. After "hours of drama", including lengthy discussions with investors, he reportedly agreed.

Behavior at the male-dominated company didn't seem to matter.

But outside experts said the CEO had to go. "I would say that one person doesn't make a company". Meanwhile, it still needs to fill a number of high-profile roles, including chief operating officer, chief marketing officer, chief financial officer, legal counsel and now chief executive officer.

Industry watchers on Wednesday suggested everyone from former Disney COO Thomas Staggs to former Yahoo CEO Marissa Mayer as possible replacements. The company is now being run by 14 executives who used to report directly to Kalanick.

Theresa May promises 'humility and resolve' ahead of Queen's Speech
A source has warned that a deal is not imminent after talks have not proceeded in the way the Northern Irish party anticipated. Symbolically, Ms May has not secured an agreement with the Democratic Unionist Party in advance of the Queen's Speech.

The AP called Kalanick "the combative and embattled [italics ours] CEO of ride-hailing giant Uber", which was an invigorating change of pace, while Business Insider charted the "rise and fall" of "Uber's embattled billionaire founder".

But Kalanick continued to stall on key hires that could threaten his influence, investors said. "So it's not over yet".

Simek said the research team plans to do a follow-up study to analyze the market now that Uber and Lyft are back. "It will definitely continue to send a message".

February 2: Uber CEO Travis Kalanick quits President Trump's council of business leaders amid mounting pressure from employees and customers over the immigration order. Kalanick launches an investigation.

March 19 - Uber's president of ride-sharing, Jeff Jones, quits abruptly.

May 26: Kalanick's mother dies in a boating accident. He had become embroiled in a lawsuit brought against Uber by Alphabet's self-driving auto subsidiary Waymo alleging theft of trade secrets, just one of the difficulties Uber's next boss must deal with.

June 6: Uber fires 20 people after a law firm, Perkins Coie, investigates complaints of harassment, bullying and retaliation. They also discussed a leave of absence for Kalanick.

Severe Thunderstorm Watch until 10 pm for northern IN counties
Active weather was a big topic for today as we had a few severe thunderstorm warnings impact locations in our viewing area. Manatee County is under a severe thunderstorm warning until 4:15 p.m., according to the National Weather Service .

Latest News