Just a week ago, news emerged that Uber CEO Travis Kalanick had taken an indefinite leave of absence. However, on Wednesday, Travis Kalanick resigned from his CEO position of the San Francisco based cab hailing company.
As Uber’s top management and its Board of Directors undergo a series of necessary changes, his resignation was accompanied by one from Bill Gurley.
Bill Gurley had been an Uber board member and an investor in the Silicon Valley venture capital firm Benchmark. According to a report from the New York Times, Gurley was the one who convinced Kalanick to resign. Per the report, Bill Gurley is going to be replaced by Matt Cohler, who is also a Benchmark investor.
One of the nation’s best-known private venture capital firms, Benchmark has acquired a large stake in Uber since first leading the $11 million financing into the 2011 startup. However, investors worry their potential gains could be wiped away if the turmoil persists. Bill Gurley’s stepping aside could be another effort to turn a new page after more than a week of quarrelsome decision-making at the highest level of the 12,000+ employee company.
Executive turnover has been high at Uber with the company losing its president, head of self-driving, head of business, head of engineering, and its senior vice president of communications earlier this year. However, the replacements have been made and the new team of executives are looking forward to saving the company from the multiple internal and external attacks.
At this point, what comes as good news is David Trujillo, a partner at TPG Capital, is joining Uber’s board as a replacement for David Bonderman, another TPG partner, who also resigned from Uber’s board of directors earlier this month.
Megha Shah for TechFunnel.com