An Uber lesson

Start-ups can't give short shrift to corporate governance

Travis Kalanick has stepped down as the CEO of Uber, the popular taxi-hailing app, after a shareholder revolt of sorts. Last week, Mr Kalanick had offered to go on an indefinite leave of absence from Uber, which he had founded in 2009, leaving the day-to-day management to a committee of executives. But that was clearly not enough to placate irate shareholder-investors. According to reports, five investors, who together own 40 per cent of the shareholders’ votes in Uber, demanded Mr Kalanick’s resignation. He will, however, continue to serve on Uber’s board of directors. The exit is yet another instance of