# Here’s the Uber Investor Letter That Forced Travis Kalanick Out



## BurgerTiime (Jun 22, 2015)

*Here's the Uber Investor Letter That Forced Travis Kalanick Out*

https://www.finance.yahoo.com/amphtml/news/uber-investor-letter-forced-travis-201528295.html


Dear Travis:

On behalf of Benchmark, First Round Capital, Menlo Ventures, Lowercase Capital, and Fidelity Investments, we are writing to express our profound concerns about Uber's future, its willingness to fully embrace the changes that are needed to move forward, and your ability to implement them.

We all believe in Uber's mission. We are deeply grateful for your vision and tireless efforts over the last eight years, which have created a company whose technology and workforce have transformed the world's idea of transportation.

A series of recent revelations, however, continues to affect Uber's business and put the mission at risk. Among the enormously troubling developments that have recently come to light are the issues of discrimination, harassment, and retaliation that prompted the Holder Report, as well as publicly reported allegations about the behavior of Uber's senior executives in connection with the India rape incident and other matters. The ongoing Waymo trade secret litigation and Greyball investigation are also extremely serious and unresolved.

We believe that the cultural values of Uber need to be transformed to embrace transparency, diversity and social responsibility alongside growth and the bottom line. We believe that this transformation is possible - and is necessary for Uber to succeed operationally and as a respected member of the community. The public perception is that Uber fundamentally lacks ethical and moral values. Uber has a clear opportunity to engage positively with its employees, drivers and customers to change the company, correct this perception and achieve Uber's full potential.

As shareholders representing approximately 40% of Uber's voting shares and 28% of Uber's overall stock, we believe the company must immediately take concrete steps to address these issues and strengthen Uber. The company must change at its core. If Uber does not adequately address the company's ethical, cultural, and governance issues now, Uber's operations and reputation will continue to erode, to the detriment of the company and all of its stakeholders, including you.

To that end, we believe that the company must take certain concrete steps to enhance its leadership and culture. Please know that we remain fully supportive of Uber's mission and the incredibly positive role Uber can play in communities around the world. But that positive role -and Uber's full value for all its stakeholders -cannot be realized unless Uber achieves a new level of trust, social responsibility and transparency through the adoption of values that transcend the negative business practices and culture of the past. With these changes we firmly believe Uber can ensure its future as one of the most important companies Silicon Valley has ever produced.

Below are the steps that we believe are imperative to serve this end:

First, you need to immediately and permanently resign as CEO and transition this leadership role to capable hands. We strongly believe a change in leadership- coupled with effective Board oversight, governance improvements, and other immediate actions -is necessary for Uber to move forward. We need a trusted, experienced, and energetic new CEO who can help Uber navigate through its many current issues, and achieve its full potential.

Second, Uber's current governance structures, including the composition and structure of the Board of Directors, are no longer appropriate for a $70 billion company with over 14,000 employees. The new CEO must report to an independent Board that will exercise appropriate oversight, which will help the company attract the most qualified candidates for CEO. Further, as you know, the Holder Report calls for the appointment of additional independent Board members. To that end, you should fill two of the three Board seats you control (retaining one for yourself) with truly independent directors who comply with the Holder Report's recommendations for qualification for service on the Board as an independent -that is, they should be experienced, unbiased, and come from diverse backgrounds. They should also have the unanimous support of all the directors. You should also commit to apply the same standards to any future appointments to those two Board seats.

Third, new leadership from a revitalized Board and a new CEO will allow Uber to begin the critical process of healing and rebuilding to resume its path to success. You should support a board led CEO search committee, with an independent chairperson, and the inclusion of a representative of senior management and a representative of the driver community. We believe CEO candidates must have not only a fully articulated strategic vision and expert management skills to lead Uber, but -equally important -the ability to establish the ethical, values -based culture Uber needs to move forward.

Fourth, the company should immediately hire an adequately experienced interim or permanent Chief Financial Officer. Uber has shown an unwillingness to hire and retain experienced executives, especially in the finance area. The company has intentionally operated without a properly qualified executive in the top finance role for over two years. The interests of all of Uber's stakeholders would be served by urgently addressing this need for financial expertise in management.

We hope you will agree to move forward with us on this path, and look forward to your response.


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## UberLyftFlexWhatever (Nov 23, 2018)

BurgerTiime said:


> https://www.finance.yahoo.com/amphtml/news/uber-investor-letter-forced-travis-201528295.html
> 
> 
> 
> ...


.......and now you got Dara Khosrowshahi
Do u miss Kalanick?

Cause since being "forced out" TK bought a $37ml condo in Manhattan. Looks like he's not missing drivers and doing just dandy.

Are drivers doing better or worse under Khosrowshahi ?
If you've been driving long enough it's an easy question to answer


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## tohunt4me (Nov 23, 2015)

BurgerTiime said:


> https://www.finance.yahoo.com/amphtml/news/uber-investor-letter-forced-travis-201528295.html
> 
> 
> 
> ...


Our FEARLESS LEADER "!


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## Pedro Paramo66 (Jan 17, 2018)

Travis walked with 1.3b in his pocket, thanks to all this stupid creepy losers desperate brainwashed willing to drive for charity and donations 
So Travis dgas about stupid letters
Lol


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## tohunt4me (Nov 23, 2015)

Benchmark got " pushed out" also.


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## UberLyftFlexWhatever (Nov 23, 2018)

tohunt4me said:


> Our FEARLESS LEADER "!


He's not, Dara Khosrowshahi is.



tohunt4me said:


> Benchmark got " pushed out" also.


Yeah, pushed into a pile of a billion dollars


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## tohunt4me (Nov 23, 2015)

Travis will ALWAYS BE " PIRATE KING "!


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## goneubering (Aug 17, 2017)

UberLyftFlexWhatever said:


> .......and now you got Dara Khosrowshahi
> Do u miss Kalanick?
> 
> Cause since being "forced out" TK bought a $37ml condo in Manhattan. Looks like he's not missing drivers and doing just dandy.
> ...


The company is better under Dara.


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## tohunt4me (Nov 23, 2015)

goneubering said:


> The company is better under Dara.


Can you list 10 improvements ?
For Drivers ?


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## BurgerTiime (Jun 22, 2015)

tohunt4me said:


> Can you list 10 improvements ?
> For Drivers ?


I can list one. Travis is gone. Anyone else help me out with the other nine?


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## goneubering (Aug 17, 2017)

tohunt4me said:


> Can you list 10 improvements ?
> For Drivers ?


Uber is much better now because it has a professional running it. Under TK it was a house on fire. That's all the investors care about but you already know that. Drivers are left to figure it out for ourselves. That's why this forum is so valuable.



BurgerTiime said:


> https://www.finance.yahoo.com/amphtml/news/uber-investor-letter-forced-travis-201528295.html
> 
> 
> 
> ...


Good letter. Thanks for posting it.


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## ANT 7 (Oct 14, 2018)

Uber has shown an unwillingness to hire and retain experienced executives, especially in the finance area. The company has intentionally operated without a properly qualified executive in the top finance role for over two years. 

That revelation is downright scary.


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## UberLyftFlexWhatever (Nov 23, 2018)

ANT 7 said:


> Uber has shown an unwillingness to hire and retain experienced executives, especially in the finance area. The company has intentionally operated without a properly qualified executive in the top finance role for over two years.
> 
> That revelation is downright scary.


"Scary" for whom?


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## ANT 7 (Oct 14, 2018)

The investors.


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## dirtylee (Sep 2, 2015)

UberLyftFlexWhatever said:


> .......and now you got Dara Khosrowshahi
> Do u miss Kalanick?
> 
> Cause since being "forced out" TK bought a $37ml condo in Manhattan. Looks like he's not missing drivers and doing just dandy.
> ...


ofcourse I miss TK. That dude paid me surge multiplier, higher base rates, & didn't ripoff customers on upfront pricing. Let's not even talk about those phat ass $50/hr guarantees, non stop quests, prize giveaways, some wierd car deal that only made sense if u drove 60,000 miles a year. his only flaw was no tips.

Under dara, i make less on base fares, he took my surge multiplier & replaced with flat surge, customers r getting ripped off, non existent quests/hourly bonuses. i do get a few of those sick $3 tips {in lieu of the $50 - $200 whales I pulled every weekend}


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## goneubering (Aug 17, 2017)

ANT 7 said:


> Uber has shown an unwillingness to hire and retain experienced executives, especially in the finance area. The company has intentionally operated without a properly qualified executive in the top finance role for over two years.
> 
> That revelation is downright scary.


Old news. Uber has a CFO.

https://www.reuters.com/article/us-uber-cfo-idUSKCN1L61O6

AUGUST 21, 2018 / 9:03 AM / 5 MONTHS AGO

Uber hires CFO after lengthy search, paving way for IPO


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## itsablackmarket (May 12, 2015)

As much as I hate Travis, where were these jokers when he began slashing rates? They don't care about ethics and morals anymore than he did, they just sought to take his seat. So now in my eyes they're even worse than him. Disturbing.


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## Friendly Jack (Nov 17, 2015)

Pedro Paramo66 said:


> Travis walked with 1.3b in his pocket, thanks to all this stupid creepy losers desperate brainwashed willing to drive for charity and donations
> So Travis dgas about stupid letters
> Lol


I believe that the 1.3 billion $ of stock he sold represented only 30% (approximately) of the Uber shares he owned. He still has quite a bit more money coming his way.


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## Lee239 (Mar 24, 2017)

UberLyftFlexWhatever said:


> .......and now you got Dara Khosrowshahi
> Do u miss Kalanick?
> 
> Cause since being "forced out" TK bought a $37ml condo in Manhattan. Looks like he's not missing drivers and doing just dandy.
> ...


Better under Dara, Travis would have made things worse. Travis created the monster Dara is trying to hold it together.


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## tohunt4me (Nov 23, 2015)

The 


ANT 7 said:


> The investors.


Drivers !

" LOWER RATES DOES NOT ! MEAN MORE MONEY "!


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## Pedro Paramo66 (Jan 17, 2018)

Friendly Jack said:


> I believe that the 1.3 billion $ of stock he sold represented only 30% (approximately) of the Uber shares he owned. He still has quite a bit more money coming his way.


Thanks to the little and irrelevant sacrifices of his drivers
Lol


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## KD_LA (Aug 16, 2017)

tohunt4me said:


> Can you list 10 improvements ?
> For Drivers ?


There are 180 days worth of improvements!


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## 2Cents (Jul 18, 2016)

Pedro Paramo66 said:


> Travis walked with 1.3b in his pocket, thanks to all this stupid creepy losers desperate brainwashed willing to drive for charity and donations
> So Travis dgas about stupid letters
> Lol


It amounted to almost 6Bill when it was all did and done, but who is counting ?
;-)


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## FormerTaxiDriver♧ (Apr 5, 2018)

Like drivers were wrongfully terminated too! Does anyone think with Travis being gone, has it gotten better for drivers? Just so that you know, tipping was coming before this.


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## Ubereater (Dec 25, 2015)

tohunt4me said:


> Our FEARLESS LEADER "!


Of course the early "rideshare" drivers-adopters liked TK.
He and his WS pals let em steal from the legit drivers..... fearlessly.

"....._and don't worry, if you get caught we'll pay the fine."_
Easy money..


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## Who is John Galt? (Sep 28, 2016)

tohunt4me said:


> Can you list 10 improvements ?
> For Drivers ?





BurgerTiime said:


> I can list one. Travis is gone. Anyone else help me out with the other nine?


How quickly we forget -
Badges ! More badges !

.


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## majxl (Jan 6, 2017)

Under Travis, investors money was flowing in like like crazy! Now Uber, and other, are hoping for a successful IPO to keep operating...


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## UberLaLa (Sep 6, 2015)

_The public perception is that Uber fundamentally lacks ethical and moral values. *Uber has a clear opportunity to engage positively with its employees, drivers and customers to change the company, *correct this perception and achieve Uber's full potential._

Fail...


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## goneubering (Aug 17, 2017)

UberLaLa said:


> _The public perception is that Uber fundamentally lacks ethical and moral values. *Uber has a clear opportunity to engage positively with its employees, drivers and customers to change the company, *correct this perception and achieve Uber's full potential._
> 
> Fail...


Of course it's a Fail. That was just to get some positive PR.


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## DirtyRead (Oct 2, 2016)

UberLyftFlexWhatever said:


> .......and now you got Dara Khosrowshahi
> Do u miss Kalanick?
> 
> Cause since being "forced out" TK bought a $37ml condo in Manhattan. Looks like he's not missing drivers and doing just dandy.
> ...


Why even ask that? Did you notice how often the report mentioned drivers?

Heres what the letter really says: " there is a shit ton of money we can keep making if we get rid of you."


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## UberTrent9 (Dec 11, 2018)

Pedro Paramo66 said:


> thanks to all this stupid creepy losers desperate brainwashed willing to drive for charity and donations


Yourself included?


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## Michael1230nj (Jun 23, 2017)

Nothing new in the Letter. Dara has done his Job. The IPO is at hand. The initial investors are about to get their payday. We will see what happens after the IPO.


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## RabbleRouser (Apr 30, 2019)

_"Forced him out" _into a Billionaire Bachelor Manhattan Lifestyle. Think he's happier or sadder??

That's what I call a_ Golden Parachute _



tohunt4me said:


> Can you list 10 improvements ?
> For Drivers ?


Khosrowshahi is easier to spell than Kalanick

WAIT........what?

Except for the illiterates that refer to him as "Dara". Like he's their Buddy LOL ?
Truth: if Khosrowshahi saw an uber driver walking across the road he'd run him over with his Range Rover


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## KD_LA (Aug 16, 2017)

RabbleRouser said:


> _"Forced him out" _into a Billionaire Bachelor Manhattan Lifestyle. Think he's happier or sadder??
> 
> That's what I call a_ Golden Parachute _
> 
> ...


The unwillingness to spell out a long and difficult last name (of someone we're not crazy about to start with) is illiteracy? -o:
Really, oh experienced new member?


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## RabbleRouser (Apr 30, 2019)

KD_LA said:


> The unwillingness to spell out a long and difficult last name (of someone we're not crazy about to start with) is illiteracy? -o:
> Really, oh experienced new member?
> 
> View attachment 316290


5 years U/L driver NYC, oh behind the times, out of touch and out of gas old fossil member @KD_LA


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## Daisey77 (Jan 13, 2016)

14,000 employees?!?! WTF? And for what?


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## KD_LA (Aug 16, 2017)

RabbleRouser said:


> 5 years U/L driver NYC, oh behind the times, out of touch and out of gas old fossil member @KD_LA


I wasn't referring to rideshare experience, I was referring to a new UP.net member already disrespecting others. -o:


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## RabbleRouser (Apr 30, 2019)

KD_LA said:


> I wasn't referring to rideshare experience, I was referring to a new UP.net member already disrespecting others. -o:


Right Mr Sensitive, because up.net proficiency is like nuclear science.
Good luck with ur GED quest.


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## KD_LA (Aug 16, 2017)

RabbleRouser said:


> Right Mr Sensitive, because up.net proficiency is like nuclear science.
> Good luck with ur GED quest.


You don't give up that badgering attitude, do you?
I wasn't referring to any proficiency, I was referring to manners-- or lack thereof.


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## RabbleRouser (Apr 30, 2019)

KD_LA said:


> You don't give up that badgering attitude, do you?
> I wasn't referring to any proficiency, I was referring to manners-- or lack thereof.


don't forget what u are professor.
a low skill low wage entry level ground transportation disposable nonemployee 
u want manners? join a ladies garden club


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## KD_LA (Aug 16, 2017)

RabbleRouser said:


> don't forget what u are professor.
> a low skill low wage entry level ground transportation disposable nonemployee
> u want manners? join a ladies garden club


Click. Welcome to ignore.


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## RabbleRouser (Apr 30, 2019)

KD_LA said:


> Click. Welcome to ignore.


the low brows answer to life. "ignore"


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## Codyboy1 (May 21, 2018)

And replaced him with this guy


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## goneubering (Aug 17, 2017)

RabbleRouser said:


> the low brows answer to life. "ignore"


It's a very easy choice when a "new" member shows up with a username like yours. Goodbye.



Michael1230nj said:


> Nothing new in the Letter. Dara has done his Job. The IPO is at hand. The initial investors are about to get their payday. We will see what happens after the IPO.


True story!!


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