# Uber's Chief Executive QUITS effective immediately



## No Prisoners (Mar 21, 2019)

When the Chief Executive QUITS effective immediately something is seriously chaotic. Watch stampede running out the door.

Remember San Francisco Attorney General this week got Court Ruling against uber for data on driver usage and pay which uber fought vigorously. Lyft also had to turn over the same data but didn't refuse as uber did. 
The chips are falling.

https://amp.ft.com/content/db4a8efe...0?shareType=nongift&__twitter_impression=true


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## Wolfgang Faust (Aug 2, 2018)

Can't read article, can you copy/paste it?


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## No Prisoners (Mar 21, 2019)

Sorry. Here it is :



Financial Times

Uber Technologies Inc
Uber’s inaugural chief executive quits board
Ryan Graves’ departure signals first management shake-up since market listing
Ryan Graves, Uber's first chief executive, rings a ceremonial bell on the New York Stock Exchange floor earlier this month as the ride-hailing company's stock began trading publicly © AP
May 25, 2019 12:43 am by Hannah Murphy in San Francisco

Ryan Graves, Uber’s first employee and first chief executive, has resigned from its board, in the first management shake-up at the ride-hailing company after its blockbuster initial public offering two weeks ago.

Mr Graves told the company this week that he planned to leave the board, effective as of Monday, according to a regulatory filing.

The move comes just a fortnight after Uber went public in one of Silicon Valley’s biggest market debuts. But its shares fell sharply in the days immediately after it floated. While it has made some gains since, the shares are trading at $41.51, below the offer price of $45 a share.

Mr Graves, who left the company as an employee in 2017 but remained on the board, holds 1.9 per cent of Uber’s stock, currently worth about $1.3bn.

He was hired by Uber in 2010 after responding to a request on Twitter from co-founder Travis Kalanick for people to join his “location-based service”. Mr Graves then served briefly as its first chief executive.

That role was later taken over by Mr Kalanick, who left the company in 2017 amid damaging revelations about its leadership and workplace culture.

Popular among early Uber employees, Mr Graves largely avoided becoming publicly mired in the group’s scandals. He was serving as vice-president of global operations when he left as an employee in 2017.
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“As a thoughtful and engaged director, Ryan has continued to add value to Uber, offering insights and judgments that have helped us navigate the ups and downs of the business as we have grown over the past decade,” Ron Sugar, Uber’s independent chairman, said in a statement.

“While this is a bittersweet moment, we accept his personal decision that this is the right time for him to step down.”

Mr Graves remains the chief executive of Saltwater Capital, an investment firm he founded in January last year, and sits on the board of a clean water charity called Charity Water. He has pledged 1 per cent of his current Uber stake to the non-profit.

Mr Graves could not be reached for comment.

Copyright The Financial Times Limited . All rights reserved. Please don't copy articles from FT.com and redistribute by email or post to the web.

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The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice.


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## Wolfgang Faust (Aug 2, 2018)

He wants to leave with clean hands before TSHTF.


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## peteyvavs (Nov 18, 2015)

He’s another hedge fund thief that had no idea as to what he was doing. He’s part of the problem as to why Uber’s drivers are disgruntled. He probably saw drivers as crappola and exploited us to make himself get rich, but now that the public knows how Uber management screwed the drivers as well as the passengers he decided to bail before the hammer dropped.


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## lowcountry dan (Jun 15, 2017)

In the World of the NYSE, failure is not regarded as success. Mr. Graves just got a dose of reality. Uber is not Apple, Google or Amazon. There is only potential if the company is run properly. Even at that, there is a steep hill to climb.

Playtime is over Uber. The adults (NYSE) have entered the room


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## peteyvavs (Nov 18, 2015)

Uber’s entire management needs to be replaced by competent people, it’ll be a whole new experience for them.


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## ABC123DEF (Jun 9, 2015)

peteyvavs said:


> He's another hedge fund thief that had no idea as to what he was doing. He's part of the problem as to why Uber's drivers are disgruntled. He probably saw drivers as crappola and exploited us to make himself get rich, but now that the public knows how Uber management screwed the drivers as well as the passengers he decided to bail before the hammer dropped.


Uber is a tech company. Will the last person to leave please turn out the lights? No need to tip!


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## UberLAguy (Aug 2, 2015)

This news means he is cashing out entirely and use this lottery money to do something else. If he were to remain an executive, every stock option that he cash out has to be reported. So he resign and then cash out anonymously to protect the company's image.

Of course they have 6 month lockout after IPO before they can cash out. That's for insiders. I am not sure but after resigning, he is not insider anymore, perhaps he could cash out immediately to fund his own investment firm.


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## DexNex (Apr 18, 2015)

No Prisoners said:


> When the Chief Executive QUITS effective immediately something is seriously chaotic. Watch stampede running out the door.
> 
> Remember San Francisco Attorney General this week got Court Ruling against uber for data on driver usage and pay which uber fought vigorously. Lyft also had to turn over the same data but didn't refuse as uber did.
> The chips are falling.
> ...


He hasn't been the CEO for some time. He is simply resigning from the Board.


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## ABC123DEF (Jun 9, 2015)

UberLAguy said:


> This news means he is cashing out entirely and use this lottery money to do something else. If he were to remain an executive, every stock option that he cash out has to be reported. So he resign and then cash out anonymously to protect the company's image.
> 
> Of course they have 6 month lockout after IPO before they can cash out. That's for insiders. I am not sure but after resigning, he is not insider anymore, perhaps he could cash out immediately to fund his own investment firm.


Who'd put their money into the Graves Investment Firm? Sounds like where money goes to die and be buried...never to be seen again.


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## KevinH (Jul 13, 2014)

Graves left the company in 2017 and only retained his board position up until now. The real importance of this is the waning influence of Travis, with only co-founder Garret Camp and Arianna Huffington left to support Travis.
Graves title when he left was Senior Vice President of Global Operations. Before that, he was responsible for much of the oversight of HR when much of the publicized misdeeds occured.
Graves and Kalanick together created the fist-bumping culture, and the aggressively toned "Uber Office Language".


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## FormerTaxiDriver♧ (Apr 5, 2018)

No Prisoners said:


> Copyright The Financial Times Limited . All rights reserved. *Please don't copy articles from FT.com and redistribute by email or post to the web.*


Thank you!

:biggrin:


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## UberLAguy (Aug 2, 2015)

ABC123DEF said:


> Who'd put their money into the Graves Investment firm? Sounds like where money goes to die and be buried...never to be seen again.


Money talks
And he got loads of it.


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## Teksaz (Mar 16, 2015)

1.3 billion dollar payout. See ya lol


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## ABC123DEF (Jun 9, 2015)

Teksaz said:


> 1.3 billion dollar payout. See ya lol


Did he pay the 50 cent cashout fee?


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## goneubering (Aug 17, 2017)

No Prisoners said:


> When the Chief Executive QUITS effective immediately something is seriously chaotic. Watch stampede running out the door.
> 
> Remember San Francisco Attorney General this week got Court Ruling against uber for data on driver usage and pay which uber fought vigorously. Lyft also had to turn over the same data but didn't refuse as uber did.
> The chips are falling.
> ...


LOL

Dara is the CEO. Got any more Fake News to post??!!


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## peteyvavs (Nov 18, 2015)

goneubering said:


> LOL
> 
> Dara is the CEO. Got any more Fake News to post??!!


It would be poetic justice if Dara and the best of Uber management were run over by a Lyft driver


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## njn (Jan 23, 2016)

goneubering said:


> LOL
> 
> Dara is the CEO. Got any more Fake News to post??!! :wink:


"Graves replied, got the gig, became CEO for a short period and, eventually, a billionaire due to his involvement with the company. "

Here's the full list of the board: https://www.bloomberg.com/research/stocks/private/board.asp?privcapId=144524848


Name (Connections)RelationshipsTitleAge​Dara Khosrowshahi  *27* RelationshipsCEO & Director48​Travis Kalanick  *12* RelationshipsCo-Founder & Director41​Garrett Camp  *13* RelationshipsCo-Founder & Director39​
 *Other Board Members on Board Members*


Name (Connections)RelationshipsType of Board MembersPrimary CompanyAge​Ronald Sugar *108* RelationshipsChairman of the BoardTemasek Holdings (Private) Limited69​David Trujillo *35* RelationshipsMember of the Board of DirectorsTPG Capital, L.P.41​John Thain *159* RelationshipsMember of the Board of DirectorsGSVentures63​Ryan Graves *11* RelationshipsMember of the Board of DirectorsHomebrew Management LLC35​Arianna Huffington *39* RelationshipsMember of the Board of DirectorsThrive Global Holdings, Inc.67​Wan Ling *31* RelationshipsMember of the Board of DirectorsUber Technologies, Inc.60​Matthew Cohler *29* RelationshipsMember of the Board of DirectorsAsana, Inc.41​Yasir Al-Rumayyan *43* RelationshipsMember of the Board of DirectorsPublic Investment Fund48​Ursula Burns *275* RelationshipsMember of the Board of DirectorsVEON Ltd.59​


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## ANT 7 (Oct 14, 2018)

If you had shares worth $1.3 billion, would you rather be in a corporate cubicle in San Franshitsco..........or winding your Rolex on the back of some supermodel's head while your yacht is anchored off a beach in St. Tropez ?

I think you are reading too much into his departure.


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## No Prisoners (Mar 21, 2019)

ANT 7 said:


> If you had shares worth $1.3 billion, would you rather be in a corporate cubicle in San Franshitsco..........or winding your Rolex on the back of some supermodel's head while your yacht is anchored off a beach in St. Tropez ?
> 
> I think you are reading too much into his departure.


Sir typically top management and board members wait for stock to settle after IPO. In the case of Uber's dismal IPO performance the abrupt exit of this person, given his tenure, sends ripple effects throughout investors minds. 
Since IPO uber's underwriters holding stock above $40 while short interest exponentially increasing. Anyone trying to spin this news is in damage control.



ANT 7 said:


> If you had shares worth $1.3 billion, would you rather be in a corporate cubicle in San Franshitsco..........or winding your Rolex on the back of some supermodel's head while your yacht is anchored off a beach in St. Tropez ?
> 
> I think you are reading too much into his departure.


Sir typically top management and board members wait for stock to settle after IPO. In the case of Uber's dismal IPO performance the abrupt exit of this person, given his tenure, sends ripple effects throughout investors minds. 
Since IPO uber's underwriters holding stock above $40 while short interest exponentially increasing. Anyone trying to spin this news is in damage control.


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## goneubering (Aug 17, 2017)

KevinH said:


> Graves left the company in 2017 and only retained his board position up until now. The real importance of this is the waning influence of Travis, with only co-founder Garret Camp and Arianna Huffington left to support Travis.
> Graves title when he left was Senior Vice President of Global Operations. Before that, he was responsible for much of the oversight of HR when much of the publicized misdeeds occured.
> Graves and Kalanick together created the fist-bumping culture, and the aggressively toned "Uber Office Language".


This is a good thing for Uber to remove any remaining TK influence.

So what does Mr. Big Hat No Cattle say? "Tweeter is burning up!!" 

Oh. Nobody cares?


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## New2This (Dec 27, 2015)

goneubering said:


> This is a good thing for Uber to remove any remaining TK influence.


I made more money under Travis


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## ABC123DEF (Jun 9, 2015)

New2This said:


> I made more money under Travis


Uh...we all did back in 2014 and even partially into 2015...until he became power hungry and obsessed with being Dr. Evil.


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## No Prisoners (Mar 21, 2019)

New2This said:


> I made more money under Travis


I'm not an advocate of Kalanick nor condone his ruthless tactics. Nevertheless, wouldn't blame him for laughing at how current management has destroyed what could have been the unicorn of the century. 
Kalanick created a poisonous culture permeated within the core genealogy of uber. From inception the business model was flawed intended to always be supported by subsidy from VC and labor force. They purposely delayed IPO to maximize VC subsidy knowing all alone that Wallstreet would deeply analyze their financials and question the business model viability.


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## goneubering (Aug 17, 2017)

We probably all made more $ but that doesn’t matter. TK was mismanaging Uber like the Titanic heading towards an iceberg. He had to be replaced before he sank the company.


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## New2This (Dec 27, 2015)

In my ideal world Richard Branson would be CEO. 

It's a shame because in a perfect world Uber could be a win/win/win for company, riders and drivers.


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## goneubering (Aug 17, 2017)

New2This said:


> In my ideal world Richard Branson would be CEO.
> 
> It's a shame because in a perfect world Uber could be a win/win/win for company, riders and drivers.


I agree!! This industry needs help.


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## peteyvavs (Nov 18, 2015)

I


ANT 7 said:


> If you had shares worth $1.3 billion, would you rather be in a corporate cubicle in San Franshitsco..........or winding your Rolex on the back of some supermodel's head while your yacht is anchored off a beach in St. Tropez ?
> 
> I think you are reading too much into his departure.


His departure is indicative of things to come, Uber and Lyft were created for them to become public companies and grab as much investors money as possible. Same with Amazon, this is another company that doesn't actually buy most products it list, there are smaller companies that sell through Amazon. 
These companies won't be around 20 years from now, people will get tired of them decimating communities like Walmart did.


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## Michael1230nj (Jun 23, 2017)

When asked why now? He answered I had to wait till the check cleared.


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## Whynotsteve (Apr 25, 2019)

Me


lowcountry dan said:


> In the World of the NYSE, failure is not regarded as success. Mr. Graves just got a dose of reality. Uber is not Apple, Google or Amazon. There is only potential if the company is run properly. Even at that, there is a steep hill to climb.
> 
> Playtime is over Uber. The adults (NYSE) have entered the room


meanwhile he leaves with over a billion dollars in stock. And you?

Yeah I'm sure he's hurting from that "lesson"


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## Declineathon (Feb 12, 2019)

Teksaz said:


> 1.3 billion dollar payout. See ya lol


1.3B today. That cant be traded yet. If he was offered to step down in reciprocation for lifting the vesting period, Im sure he would.


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## No Prisoners (Mar 21, 2019)

Whynotsteve said:


> Me
> 
> meanwhile he leaves with over a billion dollars in stock. And you?
> 
> Yeah I'm sure he's hurting from that "lesson"





Declineathon said:


> 1.3B today. That cant be traded yet. If he was offered to step down in reciprocation for lifting the vesting period, Im sure he would.


The ones remaining holding restricted stocks are the ones who should be most concerned. The value of their options vanishes as stock drops and him leaving definitely doesn't help. Wallstreet hates uncertainty.
For that reason I'm statically encouraged looking forward to witness how insiders remain in a Chinese water torture chamber watching their gains dwindle. 
Let's see how long you praise his departure when the stock loses another 50%. Hey Uber already took a $70+ haircut from the hype and hope crap dream of $120 billion. 
The worst IPO performance in history by valuation loss ? 
In the meantime we keep promulgating negative information.



Declineathon said:


> 1.3B today. That cant be traded yet. If he was offered to step down in reciprocation for lifting the vesting period, Im sure he would.


There was an article about how some insiders used hedge funds to unload some stocks which alternately were loaned for shorting positions. 
Interesting how insiders actually contributed to drive down the price of the stock in their desperation to liquidate. They know uber has no future otherwise they would hold and wait for a rebound. 
When insiders have no faith in the their own company what message does that send.



peteyvavs said:


> I
> His departure is indicative of things to come, Uber and Lyft were created for them to become public companies and grab as much investors money as possible. Same with Amazon, this is another company that doesn't actually buy most products it list, there are smaller companies that sell through Amazon.
> These companies won't be around 20 years from now, people will get tired of them decimating communities like Walmart did.


Sir please don't fall for the rhetoric by even acknowledging any comparison to Amazon or Facebook. Uber has no assets, not even intellectual property, burned through $20 billion in 10 years while losses increasing and growth receding. 
Uber's a total ponzi with a flawed model. 
Insiders remain in a Chinese water torture chamber watching their bounty slowly vanishing in front of their eyes. 
These morons now probably glued to their phone screens checking the stock price. By the time the restricted period opens they'll owe their drug suppliers more than what they can cash out.


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## goneubering (Aug 17, 2017)

No Prisoners said:


> Hey Uber already took a $70+ haircut from the hype and hope crap dream of $120 billion.
> 
> The worst IPO performance in history by valuation loss ?
> In the meantime we keep promulgating negative information.
> ...


You were never a banker. A real banker would know the $120 Billion number was a fantasy. It was never a real number that any investor paid.


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## TwoFiddyMile (Mar 13, 2015)

They will all run screaming once the freeze period is over and they are allowed to sell their stock.


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## goneubering (Aug 17, 2017)

TwoFiddyMile said:


> They will all run screaming once the freeze period is over and they are allowed to sell their stock.


Highly unlikely. We'll know soon.


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