Uber’s CEO Search Reaches New Degree of Difficulty
Greg Bensinger, Joann S. Lublin
The Wall Street Journal article, “Uber’s CEO Search Reaches New Degree of Difficulty,” quoted Russell Reynolds Associates Consultant Margot McShane about the unique challenges Uber's board faces in its current search for CEO. The article is excerpted below.
Five weeks after Travis Kalanick’s surprise resignation as chief executive of Uber Technologies Inc., the board of the now-leaderless company is wrestling with a thorny question.
Should it negotiate with SoftBank Group Corp. 9984 -2.25% , which has in recent weeks approached Uber with a multibillion-dollar investment offer that could alter the course of the ride-sharing powerhouse? Or should it wait until after it hires a new CEO to consider the offer?
The puzzle is emblematic of the delicate situation Uber’s eight-member board is in as it rushes to find a CEO to take the reins of a depleted executive suite and help navigate a litany of legal challenges, fierce competition and a contentious investor base angling to preserve its nearly $70 billion valuation.
And Mr. Kalanick, known for his tight grip on the company that he co-founded, sits on the board’s search committee, something of a rarity. It is unusual for an ousted CEO to serve on the board committee seeking his or her replacement, according to Margot McShane, a managing director in the San Francisco office of executive-search firm Russell Reynolds Associates Inc.
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