travis: travis. brad: brad.ists from around the world with companies looking for unique designs for their products. the artists earn a royalty, the company gets some great designs, and everybody wins. it's a business with purpose, and it makes it a great fit for our company. take a minute, the three of you, and i want you to pick out designs that we're gonna launch. travis: okay. lemonis: okay? guys, there's all these, as well. stay on story. you were selling these watches for $35 retail price, and they were costing you...? travis: $5. lemonis: $5. and so if they end up costing you $10 or $11, i think that the perceived value difference between plain one and this, it's got to be $15 or $20. flex's watches used to cost them $5 to make, and they would sell them for $35. licensing printed village designs will cost as additional $5, bringing the total to $10. but it will also boost the perceived value of the watch, allowing us to raise the price of the watch by as much as $20. so that $5 investment will end up yield

-travis: yeah. -lemonis: big pay cut. travis: big pay cut.avis really believes in what farrell's is doing, and he's got a good grasp on what's wrong and what needs to be fixed. i really was impressed with him. let's go see what this food looks like. ♪ if you look at the presentation... travis: it's boring. lemonis: i mean, this plate is too small for this setup. travis: to me, we're just not competitive. -it's loud. -lemonis: too loud. [ siren wails ] travis: and, you know, it's -- it's hard to compete. lemonis: it's cute once, and it's happening -every five minutes. -travis: yeah. lemonis: do people complain about it? travis: they just don't come back. lemonis: somebody needs to tell these team members that are singing that it's not a tryout for a musical. if i make a deal here, the volume of the music's going down. you know what i thought we could do -- if all of us, including paul and sandy, -can go in the other room... -mike: sure. lemonis: ...and just go over financials. -mike: absolutely. -woman: e.j., party of three! e.j.! lemonis: let

out to travis kalanick's hometown. that is when they made the amil michael.st travis kalanick has been his that's been by his father's bedside who is still in serious condition. involved in aas couple of other scandals. they believe that he is the fall guy for a week board that couldn't take action on its own. the other two scandals i'm referring to, number one, the information reported a story l michael went to an escort bar. that was reported by a female employee, the other incident involved a rape case in india whereby an uber employee had obtained the medical records of --s big them, and we report air newcomer reports that travis mil michaeld e believed there was a conspiracy going on that there competitor perpetuated the idea of a conspiracy that perhaps the rape didn't happen or there was some sort of distortion going perpetuated that story. i mentioned the cultural values under scrutiny, again, the report by eric holder, the rewriting of cultural values, they are having a problem with partying and alcohol. what

first, travis can elect -- travis kalanick has officially resigned from the company he founded.loomberg has just reported he will not receive a severance package. while the surprise resignation clears the way for a new leader, finding someone of the right caliber who is willing to take on such a difficult job won't be easy. uber was already struggling in its hunt for a chief operating officer. now the company will have to find a new leader, one that will have to keep both board members and investors. kalanick announced he would take a week about -- a leave of absence. the pressure didn't come from the board. instead, in a rare move, investors pushed for him to step aside. the investors have paid -- poured more than $15 billion into the company. joining us now is eric newcomer. in new york, a partner at lead edge and investor in uber. how expected was this after he took a leave of absence? >> it's so hard to know what to expect that over. -- expect at uber. kalanick hoped that a leave would satisfy his critics and recharge -- allow him to recharge after the death of his mother. b

travis kalanick leaving his post.ayed a starring role in many of the company's biggest controversies, including this video showing an argument with the driver about pay, published by bloomberg. what does today's news mean for leadership at uber and beyond, and what legacy will travis kalanick leave behind at the company he helped build? and michael wolf. shira, quite fascinating. travis was a visionary. he also was divisive. what are we going to be seeing in terms of what this means for very few other entrepreneurs having this sort of legacy? we had bill gurley, one of the key investors in uber, say this is something we should be talking about. shira: i don't think we know what uber is going to look like without travis kalanick. for better or work, -- worse, this was a company made in his image. uber needs to figure out who its leader is going to be and what does the company look like without this powerful ceo and cofounder leading the company on a day-to-day basis. you are right. i think this is a wake-up call. every

very upset travis is gone.ognizing his flaws, but they really bought into the message of, travis can reform and come back. he is so core to the identity. emily: any chance he can be reinstated? eric: very unlikely. .e is on the board right now i think the question is, could he have another role -- it is not clear. the coming ceo is very unlikely. emily: there are new allegations travis kalanick knew that anthony levandowski stole files from alphabet a year ago. what do we know about this? eric: we are still learning. at that came from waymo. a lot of questions will be asked about what travis knew, when. it will be a continuous theme as we go forward, figuring out why he would buy this company where it seems like in retrospect, there were so many red flags. interesting. i know you will get right on the phone after this for new information. thank you. emily: we bring you an exclusive interview with oliver samwer, what he says about european tech scene. check us out on the radio, the bloomberg radio app, bloomberg

travis step down as ceo.nd others were to have better governments on the board have different sort of directors being named. and then also to appoint new -- appoint a new cfo which they have been without for quite some time now and a few different -- i think one other one that i'm forgetting now those are the biggest ones >> did they have outright power to do this could kalanick have pushed back if he wanted in terms of the voting rights he has does this change the path going forward for the company, whether it decides to ipo or not will it have to break the mold of facebook and snapchat in terms of not giving shareholders voting rights on these decisions? >> yes you're exactly right as far as technically travis could have stayed on and could have fought this out one scenario under -- if he decided to not step down, this probably, as i was reporting, this would have spilled out into the public, have been pretty ugly for the company, and the other thing is that might have shaken investors -- other investors, a

jeff: so it will he led by somebody other than travis kalanick. but travis kalanick was uber.: that's right. he was responsible for the company's bottom line, the revenue, and the culture. in many ways, the revenue came out of the culture. this incredible relentless focus on improving the culture -- product and making sure it was growing, growing, growing, allowing him to get away with this behavior, which we now know is pretty heinous. it's a remarkable story, because uber is an astonishing accomplishment. the largest private company in the world. $68 billion in value. it made $20 billion in revenue last year. globaln enormous colossus of this new emerging culture, and how people got around, not just in the u.s., but around the world, but to get there there was a brewing culture that was toxic. it will be interesting to see what uber will be like without travis. jeff: big revenue, but the company is still losing money. max: yes, still losing money. that's one of the things we should all be paying attention to. and derek is uber, right, it is big and impressive. but i do not t

travis kalanick. after months of internal turmoil, investors from the ride sharing company forced kennellic's departure in a contention meeting in a hotel tuesday. he had come under fire for creating a toxic culture many felt within the company and his own personal conduct. kalanick will remain on the board and retain voting rights though this remains to be seen. mike isaac of the "new york times." from washington derek thompson of "the atlantic" and here in new york max chafkin of bergs -- of bloomberg businessweek. pleased to have them all here. max, this may have been the biggest news week of all. >> this is pretty stunning in sense that travis kalanick had full control of the company in almost every way. he was c.e.o., had voting control and board control so he had to be the one to decide to step away and it was something pretty much unthinkable some months ago. >> glor: he had board control till he didn't. >> that's right, they slowly started turning on him over time. i think the problem for a lo

travis kalanick has a lot to deal with right now, but it's not like you're ripping all the travis kalanickight away. >> you have an entire company that is made in one man's image, and on the one hand, he was instrumental in growing out this revolution in getting around, a $70 billion company, most valuable private company in the world. but at the same time, because the company seems to so clearly have been made his image, it allowed some of the dark side of travis kalanick to be represented throughout the company in ways that were hard to take out. and i think that was part calculus here-- in order to extract the toxicity of the workplace, you sort of of have to cut the head off the snake. >> glor: jack ma is the founder and executive chairman of alley bawb athe giant internet marketplace. now he is focused on harnessing america's small business to meet the demands of china's exploding middle class, the largest in the world. charlie interviewed him this week. >> the world changes so fast. i worry a lot, the artificial intelligence may take a lot of jobs away. and i worry about if we do not

was it to do with travis' own voting share?> travis has a lot of control over the company especially when coupled with the cofounder and ryan, an early employee and coo of the company. together they had a pretty and i coalition there think there was a lot of faith in travis. he has been a key man in defining the company for good and bad. uber did $20 million in gross bookings last year. amid the scandal, it is easy to forget how enormous and global this business is. it will be a question how someone else can step in and wrangle the business that travis knows more than anyone else. nimay.e: let's turn to are you as confident as ever as an investor that the company will continue to grow and the valuation continue to be supported when they lose such a divisive visionary such as travis? >> i think his involvement or lack of involvement going forward is a challenge and something the company will overcome. there is plenty of precedent about non-founders stepping into the role as ceo and taking businesses forward. we look at eric at g

i expect after he takes some time away, we will see see travis 2.0 >> i like what travis wisher wrote far later than you should have and then praise them in silicon valley, which sort of sums it up >> julius cesar, echoes of that. >> busy session. we'll see if we can get more volatility in the afternoon. for now, let's get over to scott wapner and the half. >> and welcome to the "halftime report." i'm scott wapner our top trade this hour, biotrade breakout. the sector on pace this hour for the best week of the year. why that space is suddenly surging and the stocks you need to own right now with us for the hour today, steven weiss, josh brown, john na najarian let's begin with the ibb and xbi, the two exchange-traded funds that track biotechs making an impressive run. one that you areour own josh brw coming >> we have

jeff: so it will he led by somebody other than travis kalanick. but travis kalanick was uber.: he was responsible for the revenue and the culture. the revenue came out of the culture. the relentless focus on improving the product and making sure it was as good as possible and growing, growing, growing. him to get away with some behavior which was pretty heinous. uber is an astonishing a competent. the largest private company in the world. $68 billion in value. it may $20 billion in revenue last year. -- enormousorma's global colossus in how people get around all over the world. in order to get there, there was this culture growing that was toxic. it will be interesting to see what is uber like without travis? jeff: big revenue, but the company is still losing money. max: still losing money, and that is what we should be paying attention to. everybody sees uber -- uber is big and impressive. it is not as firm as people think it is. lyft is coming on fast. they had big battles in many other cities. uber has been pouring money into the cities for years subsidizing every ride that

the flipside, travis is wonderful.here are people who really believe in them, most of the company does. he founded the company, so it is sad for him to be leaving. see early warning signs about the company culture and challenges that might lie ahead? whether any attempts to course correct years ago? lane: the company has been growing dramatically over the past couple years. there's been a lot of course correction. over 14,000 employees, half showing in the past two years. it is hard to say there is a past -- bad culture with 2000 employees that were not there at the founding. there been a lot of changes. most of what we are seeing now happened a long time ago. talk to us about this leave of absence. is traffic coming -- travis coming back, and when? eric: at first we heard it would be three months, now we hear it is indefinite. we do not understand how the management committee will run when they have to decide how much to invest on autonomous cars. who makes that decision? some of it will go to the board. but a lot of

travis: thank you. the next question touches on i think mostly ashley's presentation, and this questioner is curious about the impact on u.s. foreign aid in south sudan since the departure and re-engagement by usaid, the dep parture of some of the implementing partners who -- departure of some of the implementing partners who were there right to the leadup of conflict and how that may have impacted our overall mission, objectives and cheefment of our goals in south sudan? ashley: sure. so, i mean, usaid continues to e a force in south sudan, to actively implement programs to respond to the crisis. we did kind of a revamp of what we were doing there after the 2013 violence broke out. -- in line rily a what linda was articulating, we had a mission to support the south sudanese as a state, the country, and a lot of programs geared in that way. and there was obviously a fundamental shift when the context changed and we emerged into a humanitarian crisis beginning in 2013 and our programs adjusted accordingl

was it to do with travis' own voting share?ric: well, travis has a lot of control over the company, especially when coupled with his cofounder, garrett camp, and ryan graves, and early employee and early coo of the company. together, they had a pretty strong coalition there. and then, i think there was a lot of faith in travis. he has been a key man in defining the company, for good and bad. you know, uber did over $20 billion in gross bookings last year. amid the scandal, it is easy to forget how enormous this business is. how global it is. it will be a question how somebody else can step in and wrangle the business that travis knows more than anyone else. caroline: let's turn to nimay. now as an investor, are you as confident as ever that we can continue to see the company continued to grow, to see valuation continue to be supported when they lose such a divisive visionary such as travis? nimay: i think that travis' involvement, or lack of involvement, going forward is a challenge, and something the company will overcome. but

plus, travis takes an indefinite timeout.hy the ceo says he takes a break from the company he cofounded and what it means for uber ahead. and it is the biggest gaming event of the year. we will take you e3 in l.a. but first, to our lead, after years of speculation, apple is finally lifting the hood on its car ambitions focusing on the , technology that makes autonomous driving possible. for the first time ever, apple ceo tim cook spoke about apple's car ambitions in an inclusive interview, and also discussed the company's outlook on china. take a listen. tim: china, for us, we make our decisions for the long-term, and so we are not investing for next quarter or next year. we are thinking about many, many years out, and as i stand back and look at china, i see megatrends there that make china an incredible market. i don't just mean a market to sell in. i also mean a market for application developers. we have 1.5 million application developers in china now, probably closer to 2 million now. so it is an incredible marketplace fo

travis cal kalanick out at uber.ap this morning goes like this the uber shakeup travis kalanick is out as investors try to move past scanda scandals jack ma on why globalization is good david will sit down with him martha stewart shares her take on the state of retail the media mogul is going to join us live. first up, travis kalanick is out as ceo of uber bill gurley this morning, big investor in uber said books will be written about kalanick's entrepreneurship and few have changed industries the way he has. >> yeah. adam lashinski wrote a fantastic book "fortune writer" that came out four weeks ago about kalanick had he to break billions of eggs to make a couple of really fabulous omelets it's almost as if i don't want to say his job was done, but i would say that you got in there and it wouldn't be so bad to have a more -- a lesser addict story. personal tragedy you have to weigh this i think obviously the people got an image of what the company was like inside that was a little bit distressing. listen, this guy d

nigel travis, the ceo, is speaking at this conference. he said they're looking at bolstering the on the go is as well. they're taking curbside delivery larger testnto a phase. it seems like the competition commentary is what is affecting these shares. elsewhere in the market, a rally in health care shares. that is the best performing group in the s&p. as a group it is a pointer percent. a lot of the out performers have been within biotech, and large are gaining. on monday, dillman sex ed biotech would be the best performing subsector of the second half. that health care, -- on monday, goldman sachs said biotech a the best performing subsector of the second half. let's talk nike this morning. according to goldman sachs analyst nike could be close to beginning a direct relationship to sell products on amazon.com. citing channel checks. right now, nike does not sell directly on amazon. it does sell directly on zappo and through third parties, but this is sending down joseph retailers that sell nike shoes like foot locker and dick's sporting

emily: do you think travis will come back?think it is good to look at other companies like uber. at google, we had two dramatic founders that are still very involved. i think that is a good model for what happens next at uber. emily: that was lame castleman lane kasnewcomer -- selman and eric newcomer. companies like ford, gm, and toyota are asking congress to expand the cap on how many cars can be deployed under waivers from safety regulators. the automakers are also asking congress to clarify state and oversight roles and update vehicle regulations that implicitly require a human driver. coming up, our exclusive interview with london mayor and how he expects brexit do impact of the loveman -- london tech scene. this is number. ♪ ♪ emily: this week, tech leaders came to the u.k. capital to celebrate london tech week, celebrating london's role as a leading global tech hub. sadiq khan has big plans to push for more innovation. caroline hyde spoke with khan and asked his vision for the future while addressing brexit and his rela

what happens to uber without travis kalanick?> well, right now, i mean, they're going to continue operating as they have they already had sort of in place a leadership team. he was taking a leave of absence so they've already sort of kind of geared up for this. i think the bigger picture though is what it does to the valuation, to the whole idea of the company. a lot of the earlier investors still think of uber as travis kalanick's company anyway. so for some of those early guys, i think they're still kind of coming to grips without travis kalanick company anymore that's the big question mark >> what's happened to competitors like lyft in the meantime as all of these confusing stories have been swivelling, as uber's been kind of focused on its own internal issues they've been picking up market share, right >> that's a good question. but i've actually been surprised that lyft hasn't taken better advantage of uber's troubles right now uber still leads, you know, in terms of riders, and drivers, there's this sort of network effect t

essentially as you were saying, travis embodies ubl y ies uber has.e's been work nonstop at the company for eight years since it's been there. he's essentially hands on in sending texts or calls or e-mails in the middle of the night to people when he's thinking about different part of his company. so for him to srt sort extricate himself from the nitty-gritty will be a big deal and the problem is that his number two left yesterday on recommendation of the board so you see this sort of absence of real power or real on yus so obvious sort of leader in the absence of these guys. so i think that you will be look at a number of new appointments. cfo, general counsel, they just are had a few others come on chief brand officer and new strategy exec. as far as the board is concerned, a lot the tips and sources that i've been talking to that know the board's deliberations are basically saying we have if i dusfiduciar responsibility to this company and need to make sure it doesn't run into the ground. so we have to figure out whether that means travis is fully

charlie gasparino to replace travis kalanick.rain to the new york yankees sending their losing streak. in basketball, big news for the nba draft. we will tell you what teams are making deals. lauren: 5:01 a.m. in new york. good morning. i'm lauren simonetti. cheryl: i'm cheryl casone. you are watching "fbn:am," your first look at morning markets and breaking news. and whether in politics. lauren: senate republicans will unveil their version of the new health care bill this morning. the measure to rollback the obamacare expansion of medicaid and penalties on people not buying insurance coverage and eliminate taxes to help pay for obamacare. cheryl: in cedar rapids, iowa, president trump seemed optimistic about senate bill. >> we have a very slim 52-48. that means that basically can't lose anybody. i think it may help, can't guarantee anything, but i hope we will surprise you with a good plan. i've been talking about it playing with heart. at the money to it. but obamacare instead. train to democrats strongly criticizing republican

quickly mentioning travis kalanick, he is gone? iam mentioning travis kalanick, he is gone?about uber is... it is a driverless company, but interestingly, a lot of investors are divided. they say, look what happened to apple when steve jobs was let go. that was when apple really started to grow. travis kalanick has been criticised for his aggressive tone, but it leaves them with a huge vacuum at the top. thank you so much, lovely to see you. thank you for your company and have a great day. we will see you soon. hello, there. we saw the peak of the heatwave on wednesday afternoon, with temperatures across southern britain soaring into the low to mid—30s celsius. it was 35 degrees recorded at heathrow, which was the warmest day of the year so far, but also the warmestjune day since 1976. wales also saw its hottest day with 31 degrees recorded in cardiff. further north, though, it is a little bit cooler, and we start to see a thundery breakdown developing, particularly across northern england and west scotland as we head into wednesday evening. that heat will continue to retrea

what can you tell us now >> reporter: hey, guys we can give you a little bit more detail about travis kal kalanick the ceo of uber, his decision to step down. we have an e-mail he sent to uber's 14,000 employees. in it he says that if we are going to work on uber 2.0, i also need to work on travis 2.0 to become the leader this company needs and that you deserve. he also says that during this interim period they will be running the team there have been a whole bunch of departures while the investigation has been ongoing his number of reports have been depleted he says it is hard to put a time line on this it may be shorter or longer than we might expect. we also have the report are from the holder investigation that has about 14 pages long. i have it right here but it has recommendations such as reallocating the responsibilities of travis k kalanick and identify candidates who can help address these recommendations. they already brought on several new people they've lost lots as well. this is a culmination of months and months of investigation. we'll continue to go through it and bring

>> it's not surprising that there's a sizable faction in this company that loves travis kalanabbing. we have linkedin here talking about how much people want to work for this company despite the troubles that it's been through, despite a lot of the public perception against it that said, doing that would be dangerous at this point because you're in infect puttieffect pub in the eye of the customers and drivers that have a way with the twha company has been run. one of the co-founders saying we have real problems, we need to move on this from this stage of leadership to reverse that would be very strange. i think there are questions though about does this really diminish uber's position will lyft and others, will they be able to capitalize on this as uber tries to deal with the internal strug snlz internal struggles i don't know walter, your snouts. >> i think it's very heart to put travis back in position. then again, i've seen this movie before as have you, john, which is what happened at apple when in 1985 i think it was steve jobs was moved aside you know, eventually i think travi

caroline: this travis kalanick have to go? hate to him go because he has been there from the beginning. he talked about getting leadership coaching after his rant was captured on video. i hope he stays around to some degree. when you lose a founder, it is hard for the people who have been there from day one. they will be disappointed. caroline: you have been in the situation yourself when you had to fill in. or 13 years ago, i came in as a later c.e.o. for a mobile messaging startup. the current c.e.o. was doing a good job but starting to get out of his depth in terms of growing the business. the investors wanted somebody to come in to take it to the next level. i think uber is behind the curve on that but that is what they need to be doing. caroline: give a global perspective. are we seeing an impact in london in terms of brand? when you travel to different countries, how does it impact? >> i think uber is still held in good esteem. people use it. the brand is somewhat tarnished after the six months whether here or in other p

i think the real story of uber today is the fact that travis didn't just resign. board, and what he extracted in return for resigning as ceo is to remove bill gurley from the board, if reports are correct. he is still actively involved in finding that new ceo. he's the shareholder, i believe, that has the most control. i don't think the uber story is over. emily: the founder and ceo, he will have you back to talk about your company, i promise. thank you for joining us. coming up, just in the last hour, spacex successfully fired a falcon 9 rocket for the eighth time this year. we dig into the state of elon musk's space ambitions, next. this is bloomberg. ♪ alisa: i'm alisa parenti in washington. you're watching "bloomberg technology." is your bloomberg first word news. it back to a and's in the wake of the grenville tower fire. being emptied after firefighters said they could not guarantee the safety of residents. in the meantime, theresa may says her thoughts are with the public housing residents being evacuated. she tweeted her support to emergency services to co

uber‘s troubled chief executive travis kalanick quits the company after a revolt by major shareholderslive from london, that's our top story on wednesday 21stjune. kalanick has been underfire after the firm faced a series of scandals including complaints of sexual harassment. last week he said he was taking an indefinite leave of absence. also in the programme. britain's government gets ready to unveil its legislative plans for the coming year. but can it really force through economic reform without a parliamentary majority? here's how european markets have opened. they are all heading lower, will explain who the winners and losers. and how sleep became big business. we'll meet the man behind a new generation of mattresses giving traditional bed makers nightmares. and as barbie‘s long—time boyfriend, ken, gets a makeover — he's got new hair styles, body types, new clothes and new skin colours — so today we want to know, what childhood favourite of yours should get a revival and makeover? let us know, just use the hashtag bbcbizlive. do get in touch about ken, plastic fantastic or not?

travis calla nick leaving the company. train to a bombshell in politics as well. republicans taking house seats in georgia and south carolina. a look at what it means for donald trump in the mid-term elections. lauren: the dow down 61 points yesterday and dow futures down 16 points this morning. nasdaq futures down 22. cheryl: oil in bear market territory coming out over 20% since the month of february. with a look at what low oil prices from the move in oil. lauren: a new report shows that test for self driving car is not to blame for an accident that killed the driver last year. cheryl: amazon jumping on the try before you buy a bandwagon. but guess what, there is a hitch. lauren: thoroughly says. los angeles dodgers overpower the mets ahead of the nba draft. train to 85:01 a.m. in new york. this was a come at june 24th. i'm cheryl casone. lauren: i am lauren simonetti. you are watching reporter, your first look at morning markets and breaking news. train to breaking news this morning with a major shakeup at uber. kalanick with the major shakeup. lauren: tracee

can travis kalanick get the company over it?ld ignore the personal tragedy with his mother dying just before the weekend. james: there's nothing we can listed that isst excusable from the company. there needs to be an about-face immediately. they needed an about-face yesterday. looking at the caliber of the people they are able to attract, the holder report will all be instituted. you have the fall guy. looking at it from mr. travis kalanick's position, if he does take a leave of absence, it is a very difficult to come back. understanding, business remains very solid despite the things going on. if you did leave, it would be very difficult for him to come back because you can make the case that business is just fine without travis. i think he needs to take a look at the mirror and look a do a gut check. vonnie: i want to bring in our reporter eric. will uber get over this? l travis kalanick get them into the next phase of growth or is he tarnished now? iodc: we will have a long per with uber treading to write the shift right the

uber's ceo travis kalanick could be taking a leave of absence.n investigation headed by attorney general eric holder. chief business officer planning to resign and that could have been as soon as today. this is clinical of journalists. down almost 1% following a 2% drop on friday. dow futures coming off an all-time high down 36 points this morning. one of the nation's top democrats is demanding an investigation into whether loretta lynch covered for the clinton campaign. will the former attorney general be testified about it? let's pretend like madison, former chief of staff to the democratic strategists pablo manriquez. i have to ask you here, that was explosive last week what james comey said. we'll remember the famous tarmac waiting between bill clinton and the rest of lynch. now we think we know. they did pull back on the clinton investigation not your tarmac meetings the way they covered. she think she will testify? >> she needs to testify obviously. i think also it's interesting the timing. right now we have a situation where the president

travis kalanick announced: he's resigning.to the new york times: >>> good morning, it's 7:if. i'm michelle griego. the embattled ceo of uber is out. travis kalanick announced he is resigning. according to the "new york times," five major investors wanted him out. he will reportedly stay on the board of the company. >>> there is a "flex alert" in effect today because of the heat. officials are asking residents to conserve energy during peak hours between 2 p.m. and 9 p.m. to avoid blackouts. we'll have your full forecast coming up after the break. >>> good morning. we're tracking a head-on crash that has one-way traffic control in effect for drivers using highway 92. this is in san mateo county right at highway 35. skyline. you can see speeds drop below 10 miles per hour. if you are going between 280 and one, police avoid the area if you can. you will be faced with some major delays. emergency personnel on the scene. and no estimated time as to when they will get that other direction open. >>> over to the east bay, take a look

but i also need to work on travis 2.0 to become the leader this company needs and you deserve." when we look at the leadership of uber, eric, who is in charge of the company now that travis is stepping life for 2 -- stepping away for two months? where does this leave the leadership team? eric: there is definitely a vacuum. we have the head of hr, who has had a very big role. there are 3 key operations people, including rachel holden andrew mcdonald, that are important here. daniel grafton weston running product. there are key executives who got promoted amidst the chaos. they will surely take a key role. i think what really matters is who the new chief operating officer is. i don't think they have a candidate locked down. but they needed to find someone and give that person a really big role of the company. that is what they are trying to do at the moment. -- one is thatts even when he comes back from he will be stripped of some of his powers and they will be added to the ceo. -- coo. that is why the role is going to be critical. they have been actively trying to recruit someone

if you truly are able to strip travis, not just travis, but his values from this company, what do you have left? what are you going to rebuild it as? what is the vision going forward? >> woodruff: do you see any new steps in what you've seen so far to ensure the diversity, the better kind of leadership, the taking away the bias that's been there? >> well, absolutely. i mean, this is a company that's truly taking this seriously. it's about time. but last week we saw that the company hired francis fray from harvard business school. she's a renowned executive leadership expert, and she's going to come in and she says she has full leeway to do whatever she needs to do to improve the culture. but, you know, the biggest challenge for this company right now is that it has no leadership. i mean, it's not just that it doesn't have travis, it's executive ranks are incredibly thin right now. so uber's first... the first thing it needs to do is simply put new leaders in place, and frankly, it's a pretty hard place to recruit leaders right now. there's not a heck of a lot of people that want to go

i think the real story of uber today is the fact that travis didn't just resign. the board, and what he extracted in return for to removeas ceo is bill gurley from the board, if reports are correct. he is still actively involved in finding that new ceo. he's the shareholder, i believe, that has the most control. i don't think the uber story is over. the founder and ceo, he will have you back to talk about your company, i promise. thank you for joining us. coming up, just in the last hour, spacex successfully fired a falcon 9 rocket for the eighth time this year. we dig into the state of elon musk's space ambitions, next. this is bloomberg. ♪ >> you are watching "bloomberg technology." here are your first word news. 800 households will be evacuated from a council estate in north london in the wake of the tower fire appeared officials say it is to allow a urgent fire safety work to take a spirit -- take place. firefighters said they could not guarantee resident safety. meantime, theresa may says her thoughts are with residents being evacuated. she tweeted her suppor

uber ceo travis kalanick has stepped down from the company.t was after many things including a series of scandals. after more than $15 billion into the company, investors pressured him to step aside, something the board would ultimately not do. joining us from san francisco bloomberg editor at large cory johnson. he is still a member of the board. there are a lot of voting shares. >> it is interesting. this is something that seemed quite unlikely because of the control. we can presume a different class of share as well as a structure. zynga and groupon and alter google. we expect that is probably what is going on in uber. the that reason, travis kalanick was not going to leave until he was ready. but surely, his investors are ready to have him go. look at the rising valuation from uber. it really tells us, it has raised questions about valuations of private companies, when they decide to go public, but they have taken this nothing business started in 2010 at a city $5 billion valuation which is fairly amazing. they have brought in a profession

uber's board of directors weighing a three month leave for ceo travis kalanick. yesterday and comes just ahead of an investigation into the company's workplace culture to be released this week. joining us right now is ed lee, recodes amanaging editor and also a cnbc contributor. set us straight. is this something that the board is thinking of making him take a three month leave or is this something he's wanting to do because of family issues >> it's definitely the board it's the board coupled with the holder report which is looking at not just sexual harassment allegations but the entire workplace culture. you know that travis is really, he's the one who's created that culture in a lot of ways and i think having him step aside even for a few months, i think the idea is that that might reset the company a little bit that's not a long-term solution by any means they have to work deeper to figure out how to really change the management and you know the direction of the company >> is it truly a three month leave where he would step right back in and pick up operation

this is travis' company. he created it. he's the controlling shareholder.oard and it will be interesting to see how they handle the transition from this point going forward. >> it appeared it happened, the resignation, because of pressure from the investors that he brought in. >> yeah. that's my understanding as well. and i think it speaks to some of the challenges the company has been experiencing, the fact that the investors felt like that was the necessary step in order to ensure the success of the company going forward. >> there's an opening, if there was ever a time for compassionate leadership, with which you are known for, jeff wiener. >> i'm very happy in my current role and i wish the new ceo the best of luck. >> what do you think he needs to do? >> a few different things given the situation that they're going to be walking into. one, recognizing that with travis on the board, the founder of a company casts a very long shadow regardless of who that person is. establishing the right relationship with travis is going to be essential. second, you coul

a decision on whether to alter travis kalanick‘s role was set to be taken at a meeting of uber‘s boardcer is planning to resign as well, as soon as today. all this trouble at the top follows a review in february afterformer uber engineer susan fowler made claims of sexual harassment. there has been an investigation into that sense. having a look at the markets began, now. the pound is still lag wishing after having fallen i.6% still lag wishing after having fallen 1.6% from friday. it is bumping along that low level. the euro is bumping along a little bit, and that is how the markets are changing in asia today. —— trading. stay with us. much more to come in just a moment. the news review in just a the news review injust a moment. but let's first talk about a vintage coach which serve the shetland islands for three decades. it will start an epic homecoming journey today. the restored bedford ob — which was built in 1950 and has a top speed of forty miles per hour — has now been gifted to the islanders. but first it must be driven 1200 miles from its current home in norwich — as fiona la