Travis Kalanick, who built Uber into a ride-hailing giant, only to be ousted as CEO over the company’s sexist “bro” culture, is cashing out.
Kalanick disclosed Tuesday that he has sold off all his Uber stock — estimated at more than $2.5 billion — and is resigning from the board of directors, severing ties to the company he co-founded a decade ago.
“Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits,” the 43-year-old entrepreneur said in a statement.
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Uber, based in San Francisco, transformed the way people get around and how they make a living, too, turbocharging the gig economy and undermining the taxi industry.
Its nearly four million drivers around the globe have logged 15 billion trips since 2010, when Kalanick and Garrett Camp came up with the idea of hailing a ride from a smartphone after a trip to Paris when they couldn’t find a taxi.
But Kalanick was fired as CEO in the summer of 2017 with the company mired in lawsuits.
Uber under Kalanick grew with incredible speed, but like a number of other tech startups, it ran into trouble with a corporate culture that appeared at times to be spinning out of control. Before his ouster as chief executive, Kalanick acknowledged he needed to “fundamentally change and grow up.”
His career at Uber seemed to fit a certain pattern seen in Silicon Valley: The brash and disruptive personalities who are great at creating startups can be ill-suited for the corner office when the company reaches maturity. Sometimes “adult supervision” in the form of experienced executives has to be brought in.
In one of the Uber’s biggest scandals, Kalanick was accused of presiding over a workplace environment that allowed rampant sexual harassment.
A former Uber engineer, Susan Fowler, leveled sexual harassment and sexism allegations in a 2017 blog post, saying a boss — not Kalanick — had propositioned her and higher-ups had ignored her complaints. Kalanick called the accusations “abhorrent” and hired former Attorney General Eric Holder to investigate. Holder recommended reducing Kalanick’s responsibilities.
After multiple investigations, Uber fired 20 employees accused of sexual harassment, bullying and retaliation against those who complained. This month, the company paid $4.4 million to settle a federal investigation over workplace misconduct.
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The problems went beyond employee relations.
Waymo, the self-driving car company spun off from Google, sued Uber in 2017, alleging a top manager at Google stole pivotal technology from the company before leaving to run Uber’s self-driving car division.
Uber also gained a reputation under Kalanick for running roughshod over regulators, launching in markets before officials were able to draft rules and regulations to keep the ride-hailing business in check.
During Kalanick’s tenure, The New York Times revealed that Uber used a phony version of its app to thwart authorities in cities where it was operating illegally. Uber’s software identified regulators who were posing as riders and blocked access to them. The U.S. Justice Department is investigating.
“Many investors will be glad to see this dark chapter in the rear view mirror,” Dan Ives, managing director of Wedbush Securities, said in a note to investors.
Kalanick, through a spokeswoman, declined to be interviewed Tuesday.
Kalanick is not alone among visionary tech entrepreneurs who have stumbled after building startups from nothing.
Tesla founder Elon Musk has had too loose a grip on his Twitter habit and has been fined by the Securities and Exchange Commission for misleading investors with a tweet. He was also sued for defamation, but ultimately cleared, for going on Twitter and calling a British cave explorer “pedo guy” — short for “pedophile.”
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Adam Neumann, the former CEO of WeWork, recently stepped aside after the workplace-sharing company canceled its initial public offering amid concerns about his judgment, including his use of WeWork stock to secure a $500 million personal loan.
After Kalanick’s ouster, former Expedia CEO Dara Khosrowshahi was brought on as Uber’s chief executive to clean up its image and steer the company to its stock market debut in May. But Uber’s stock floundered and fell almost 11 per cent in its first day of trading as a public company. It has tumbled more than 30 per cent since.
“Let’s call it like it is: Uber stock has been a nightmare since the IPO coming out of the gates,” Ives said.
Kalanick had been one of Uber’s biggest shareholders, owning 9 per cent of the company at the time of the IPO.
Sam Abuelsamid, principal analyst at Navigant Research, said it was not surprising Kalanick sold his stake.
“He, like everyone else, probably realizes now that Uber and its competitors are unlikely to reach sustainable profitability in the foreseeable future,” Abuelsamid said. “Automated vehicles are not the savior for ride hailing and won’t be mainstream for many years. With that in mind, his Uber stake is probably as valuable as it will get for a long time, if not forever.”
© 2019 The Canadian Press
AIB agrees to life and pensions joint-venture with Canada Life
Allied Irish Banks on Wednesday said it would form a joint venture with Canada life as it seeks to plug gaps in its life, savings and wealth products.
The joint venture will be equally owned by Canada Life, a subsidiary of Great-West Lifeco Inc.
“The move to create this joint venture is aligned with AIB’s stated ambition to complete its customerproduct suite and diversify income,” AIB said in a statement.
“Through this strategic initiative AIB intends to offer customers a range of life protection, pensions, savings and investment options enhanced by integrated digital solutions withcontinued access to our qualified financial advisors.”
The Irish lender highlighted Canada Life’s “deep experience” of the Irish bancassurance market through Irish Life Assurance, which is also a subsidiary of Great-West Lifeco.
AIB currently operates under a tied agency distribution agreement with Irish Life, and will enter into a new distribution agreement with the new joint venture company.
Chief Executive Colin Hunt highlighted the need to plug gaps in AIB’s life, savings and wealth products when he set out the bank’s medium-term targets last December.
AIB expects its equity investment in the joint venture will be around 90 million euros ($107.51 million), equating to around 10bps of CET1.($1 = 0.8372 euros)
(Reporting by Graham Fahy;Editing by Elaine Hardcastle)
Interac: Canada’s Latest Payment Solution Phenomenon
Few can argue that digital payment methods aren’t central to modern-day society. In recent times, increasing numbers of payment solutions have come to the forefront, offering consumers more choice regarding their transaction preferences. Canada, in particular, has embraced a wide-ranging selection of secure, forward-thinking options. Of those available throughout the country, Interac has piqued the interests of local consumers the most. So, let’s look at why this payment solution is an especially popular option throughout Canada.
Usable Across Various Markets
It speaks volumes about Interac’s versatility in that it’s usable across a variety of different industries. Since being founded in 1984, the Canadian interbank network has become integral to numerous markets, including local air travel. Air Canada, which has been operating since 1937, has expanded their accepted payment methods, and now passengers can pay for their flights using Interac. According to the airline’s official website, the Interac Online service lets consumers pay for their tickets via the internet directly from their bank account.
Not only that, but Interac is also available at Walmart. In November 2020, the two organizations partnered together to expand in-store and online payment options. Walmart has adapted well to the digital trend, with American Banker reporting that they’ve opened Interac Flash sale points throughout their stores.
Aside from the above, Interac has also taken the digital world by storm. Following its rapid rise to prominence, the solution has also altered the online casino industry, with platforms like Genesis Casino now accepting the transaction type. The provider, which features Interac Canadian casino options, uses the popular payment method to enhance transaction speeds of deposits and withdrawals, as well as security. Players can use Interac Online and Interac e-Transfer to make deposits or withdrawals from their desktops or mobiles as the platform is fully optimized.
A Reflection of Modern-Day Society
In recent times, Interac recorded a 55 percent increase in transactions between April and August 2020 compared to the same period the previous year, as per BNN Bloomberg. These figures somewhat reflect the current state of e-Commerce and modern consumerism. Following the rise of Interac and other payment methods, it’s now less troublesome for consumers to complete in-store and online purchases.
There’s an ever-growing perception that land-based businesses need to adapt within the digital era and accept forward-thinking payment methods. According to Cision, Interac is of utmost importance to the Canadian economy, and a year-on-year increase in Interac Debit payments of 333 percent reflects that. Not only that, but Interac e-Transfer payments are growing at 52 percent each year. This Interac-oriented trend appears unlikely to fade over the coming years, with the network being selected as the country’s provider for a new real-time payment system, as per Lexology.
Consumer Habits are Changing
There can be no doubt that consumerism has changed drastically over the past decade. The popularity of Interac suggests that a cashless future may be on the horizon, with increasing numbers of shoppers enjoying the security of online payment methods. While it’s currently unclear if that will happen, Interac appears to be prevalent for the long run.
Your Education and Certificates Need to Align the Job Requirements
After your professional experience, your education/certifications (verified skills) will be the next section on your resume the reader will use to judge whether you go into the “to be interviewed” pile.
Many job seekers apply to job postings knowing they don’t have the education/certification requirements. They believe their “experience” will compensate. With so many highly qualified job seekers now on the job market this is rarely the case. If your education/certifications align with the job requirements, the education section of your resume will play a critical part in setting you apart from all the “spray and pray” job seekers.
Suppose a job posting for a Director of Finance lists as a qualification “Canadian Accounting Designation (CPA).” You have a university degree and 15 years of experience managing a mid-size company’s finances, but no CPA—don’t bother applying. Job postings generate an influx of applicants. Undoubtedly there’ll be many applicants who possess a CPA applying. There’s also the employer’s ATS to consider, which likely has been programmed to scan for “CPA.”
Education background information you should provide:
- Degree/certification obtained
- School’s name
- Location of school
- Period of attendance
- Relevant coursework
- Honors, academic recognition, extracurricular activities, or organizations participation worth mentioning
When it comes to presenting your educational background keep your ego in check. You may have impressive education background; however, it may not be impressive for the job you’re vying for. Prioritize relevancy over perceived prestige.
Here’s my suggestion how to present your education/certificates (there’s no hard formatting rule):
BS Biomedical Science
University of Calgary, Calgary, AB — 09/1992 – 06/1996
- Principles of Human Genetics
- Organismal Biology
- Principles and Mechanisms of Pharmacology
- Advanced Bioinformatics
Ryerson University Continuing Education, Toronto, ON — 10/2001 – 04/2003
- Planning and Scheduling
- Leadership in Project Management
- Project Cost and Procurement Management
- Project Risk and Quality Management
As I’ve pointed out in previous columns— there’s no universal hiring methodology. No two hiring managers assess candidates the same way. Depending on the job requirements respective employers search for different things when it comes to a candidate’s education. Read the qualifications in the job posting carefully. Then present your education/credentials accordingly. Don’t hesitate to add/remove courses to better tie in your education towards the job. It’s for this reason I suggest you list courses, not just your degree/certification. Listing of courses is rarely done, doing so will give your resume a competitive advantage.
You’ll have noticed my examples indicated start and end dates. Many “career experts” advise against this. The thinking being dates, even just the graduation year, will give employer’s a sense of your age, which if your over 45 can hinder and prolong your job search. This advice is supposed to be a workaround to ageism. However, these same “career experts” unanimously agree employment dates (month/year) need to be indicated. To me, this is a mixed message.
I believe in complete transparency from both sides of the hiring process. Full transparency ensures the likelihood of there being a solid fit for both parties. At some point, whether when the employer checks your digital footprint or interviews you, your interviewer will have a good indication of your age. Besides, not mentioning dates, which I call “obvious” information, is a red flag.
If your age is a deal-breaker with an employer, they aren’t the employer for you. The job search advice I give most often: Seek employers who’ll most likely accept you, where you’ll feel you belong—look for your tribe.
Some professions, such as finance or healthcare, require specific certifications or degrees. In such cases, show you have the necessary “must-have” (a deal-breaker if you don’t) credentials by placing your education at the top of the page just below your contact information before your professional experience.
One last note: Often overlooked is education in progress. If relevant, this should be included in your resume. In this case, list pertinent courses and the month/year you intend to graduate.
Using suggestions in this and previous columns you are now able to create a resume that “WOWs.” Next week, I’m going to begin discussing cover letters. Yes, many hiring managers, like myself, do read cover letters, which have one purpose—to give the reader a reason to read your resume.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send him your questions at email@example.com.
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