March 21 2018

Recode: Uber chooses Expedia's Khosrowshahi as next CEO

March 21 2018, 12:45 | Clarence Walton

Shervin is not liking Benchmark

Shervin is not liking Benchmark

Uber's fractured eight-member board voted to hire Khosrowshahi late Sunday, capping three days of meetings and the withdrawal of once-top candidate Jeffery Immelt, former CEO and still chairman of General Electric, two people briefed on the decision said.

Uber has been seeking to replace ousted CEO and company co-founder Travis Kalanick, who left in June amid allegations of rampant sexual harassment and bullying of employees, deceit and corporate espionage. Investors at the start-up, which is now worth almost $70 billion, ousted co-founder Travis Kalanick after a series of PR nightmares this year.

Both Meg Whitman and Jeff Immelt had been considered for the top job, but both publicly tweeted that they didn't want it. The firm claims Kalanick is trying to "acquire the power to pack the Board to facilitate his desired re-appointment as Uber's CEO".

The five shareholders also demanded that the company fill two of the empty board seats with independent directors, as well as an immediate search for a new chief executive and experienced chief financial officer.

The board is expected to make its decision this weekend. Kalanick enjoyed sweeping authority on the board and almost complete autonomy in running the company, a governance style that often wreaked havoc.

Since 2005, Khosrowshahi has led the travel-booking site Expedia to become "one of the largest online travel companies in the world", according to the company.

He will need good leadership to help Uber recover from its tumultuous past that created so much division, board members were suing each other.

He's still likely to take the job, according to the report. He is tasked with transforming the company's culture, while shoring up the company's business in the wake of lawsuits and competition, analysts say. A spokesman for Ms. Whitman didn't immediately respond to a request for comment. Like other technology CEOs, he was particularly vocal about the administration's plan to push through a ban on Muslim immigrants and refugees.

However, it hasn't meant that she hasn't been in contact with Uber.

Uber has also faced an executive exodus this year.

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