The daily business briefing: June 21, 2017

Embattled Uber co-founder Travis Kalanick resigns as CEO, Ford shifts its Focus manufacturing move to China, and more

Travis Kalanick.
(Image credit: Getty Images)

1. Embattled Uber CEO Travis Kalanick resigns

Uber co-founder Travis Kalanick resigned as CEO of the ride-hailing service on Tuesday under pressure from shareholders after a tumultuous year. Earlier in the day, five major Uber investors demanded that Kalanick step down immediately. The group included the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on the Uber board. In a letter titled "Moving Uber Forward," the investors told Kalanick, 40, that the company needed new leadership. The company has shaken up its leadership after months of turmoil over allegations of an unhealthy corporate culture that permitted sexual harassment and misconduct. Kalanick said he loved Uber the company but "accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight." He will remain as a board member.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.