Economy

Immelt Drops Out of Contention for Uber CEO Job

Immelt Drops Out of Contention for Uber CEO Job

Jeffrey Immelt, the former CEO of General Electric Company (NYSE: GE), reportedly isn't ready to retire from the business world and wants to take over the vacant CEO spot at Uber.

In a tweet, Mr Immelt said he had "decided not to pursue a leadership position at Uber".

The Expedia CEO is set to succeed co-founder Travis Kalanick, who grew Uber into a $20 billion annual booking business a year ago, only to resign as CEO in June under investor pressure.

Mr Kalanick announced in June that he would take a leave of absence for an unspecified period and let his leadership team run Uber while he was gone. Several controversies about Uber made the headlines in the last eight months including sexual harassment and discrimination allegations against the ride-share giant that led to the resignation of the former CEO, according to Forbes.

Immelt was reportedly a top candidate for the job.

Khosrowshahi has certainly done well for himself - in 2015 he was the highest paid CEO in the country, mainly because of a almost $91 million stock option grant.

Ride-sharing service Uber has picked Expedia's CEO Dara Khosrowshahi as its new CEO, according to U.S. media reports.

Whitman was perhaps the most sought-after of the many female candidates for the Uber job, all of whom had either withdrew their applications or been ruled out. Kalanick enjoyed sweeping authority on the board and almost complete autonomy in running the company, a governance style that helped to create a workplace that had few checks and balances. Last week, the company reported a 16 percent increase in ride bookings and a 17 percent jump in net revenue for the second quarter over the previous period, and its losses shrank by 9 percent. That committee is trying to change the company's culture so it's better behaved, a hard task without a top leader.

The legal request follows another letter sent Thursday to Uber and Garret Camp, who is chairman of the app-based taxi company's board, in which Pishevar accused Benchmark of violating its fiduciary duty as a significant investor in Uber. Key to the grueling search's length and the parade of tech executives who turned down the role seemed to be a toxic environment of infighting at the board; Kalanick seemed to be seeking a return to power even as other board members were doing their best to bury him. The investors at Benchmark are anxious that Immelt might be too eager to please Kalanick and would give the ousted CEO too much power.


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