Uber founder Travis Kalanick resigns as CEO

How can a company that grew to a almost $70 billion valuation on the culture that Kalanick built progress without the very man who took it to where it is right now?

The move comes amid a whirlwind of crises for Uber, but especially for Kalanick.

Travis Kalanick, Uber's co-founder and CEO, has resigned. All these revelations damning Uber and its culture gave a very bad public image to the company which is facing increasing competition from other similar services and "clone companies".

Kalanick will remain in the board of directors and "in control of a majority of Uber's voting shares", so it sounds like he'll still be around to work on his new moniker for the company, "Boob-er".

The biggest problem right now is that Uber is Travis Kalanick, and vice versa. Pham came under pressure as part of the investigation, which was prompted by former Uber engineer Susan Fowler's account of sexism and sexual harassment at the company. It s also been investing in autonomous driving technology, and has provoked a lawsuit from the former Google vehicle unit now called Waymo that accused Uber of stealing trade secrets.

In the past year, Uber has experienced a number of issues regarding negative testimony from both drivers and passengers. In search of a comprehensive solution, Uber's board commissioned an outside investigation by the law firm of former U.S. Attorney General Eric Holder. If Fidelity Investors and others tire of shoveling in billions to keep Uber's rates artificially low, what happens then?

The Holder report called for "an ethics and culture committee" to oversee Uber s efforts to maintain ethical business practices. The report's recommendations were endorsed by Uber's board after an hours-long meeting on Sunday, June 12.

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The key question here, Wood said, is who is the grown-up who can come in and put this company back together?

Let me just stop the speculation on Uber CEO: Sources close to @sherylsandberg say she's staying at Facebook.

Kalanick had been accused of an insufficiently business-like attitude and, while supposedly a Silicon Valley wunderkind, he has also admitted that he needs guidance in how to lead a company. In a blog post this week, Camp said Uber had gotten obsessed with growth and wasn't listening to employees and, especially, drivers.

In addition to this, two ex-employees also claimed that there were incidents of homophobia and racism, which took place in an environment fostered by Kalanick, according to the Daily Mail.

When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. While even Kalanick's critics consider him extremely intelligent, and incredibly hardworking, what Kalanick primarily brought was a seemingly messianic belief in the rightness of his cause and the deplorability of his enemies, as well as a willingness to do whatever it took to win and a lack of concern for what the haters think about him.

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors.

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