Uber must hail a new leader; Saudi Arabia’s royal shuffle; Toshiba gets a bailout

Profitable Moment   Who's to blame for Uber's big mess? It's way too simple to say that Uber's many problems are solely due to the failings of Travis Kalanick, the CEO and co-founder who has just quit.   Uber has been without a CFO, COO, CBO or president for some time too. That begs the legitimate question -- what were Uber's board and investors doing?   The recent report by former U.S. Attorney General Eric Holder into allegations of sexual harassment made it clear Uber's board had to shoulder more responsibility. That is being polite.   For months now Uber has been engulfed in scandals. Kalanick and his cronies had super voting power on the board. So they were never in any danger. The board was a toothless tiger.   But investors like Goldman Sachs and Fidelity didn't seem to be engaged either. Everyone was so in love with the company's prospects for an IPO that nobody seemed to have noticed that Uber was running off the road.   That has to be the logical conclusion. If they had noticed -- or cared -- they'd have done something to sort it this mess. Uber is just another example (like Wells Fargo) where a crisis can erupt and the board is nowhere to be found.   Kalanick may be at fault. But the board is to blame for letting it get this bad. -Richard.Quest@cnn.com  What's new... what's next   By Matt Egan, Julia Horowitz and Paul R. La Monica of CNNMoney 1. Uber must hail a leader that people respect As Richard notes, Uber still has many problems. Now it needs a new CEO that presumably will help take Uber public. The big challenge? Finding someone who won't be a walking PR nightmare but is also aggressive enough to keep innovating and disrupting the traditional automotive industry. Kalanick may even help choose that person. He remains on Uber's board and is said to have super voting rights along with fellow co-founder and Uber chairman Garrett Camp. 2. Toshiba is getting bailed out by Japan Inc. It's the end of an era. Toshiba, hoping to stave off financial ruin, said Wednesday that it plans to sell its prized memory chip business to a group of investors led by the Japanese government. They made a winning bid for 2 trillion yen, or $18 billion. Toshiba has been frantically working to recover billions of dollars in losses since the collapse of Westinghouse Electric, its now-bankrupt U.S. nuclear unit. 3. What the royal shuffle in Saudi Arabia means Mohammed bin Salman bin Abdulaziz was already leading Saudi Arabia's economic transformation. Now, King Salman's son has been promoted to crown prince. Accompanying the royal decree was an announcement that government employees were getting an extra week of vacation. Longer term, the royal shuffle is unlikely to alter Saudi Arabia's oil policy. But it could accelerate efforts to break what the new crown prince called the country's "addiction" to oil. 4. Five airlines want you to fly supersonic again The list of airlines that want to bring back supersonic travel is growing. Boom Aerospace, an ambitious startup, said at the Paris Air Show on Tuesday that it has convinced five airlines to buy into its vision for developing an airliner that flies faster than the speed of sound. Airbus also used the show to flaunt its fancy new cabin design. Take a look. 5. Quick Takes: Young Americans don't think working for Big Oil firms is a good career choice Tesla's Autopilot chief quits just six months after leaving Apple Tech industry food fight gets hotter as Blue Apron rivals continue to pop up Here's how Qatar plans to deal with the embargo from its Arab neighbors McDonald's is hotter than a side of fries. It's one of the year's best Dow stocks No magic for Disney stock. ESPN woes still overshadow movie studio strength Candied bacon or milkshake and fries? Artisan ice cream is taking off More woes for arts and crafts site Etsy as it cuts 15% of its workforce Eat the worm? George Clooney sells tequila company to Diageo for $1 billion Not your father's Olympics: Drones, virtual reality & artificial intelligence 6. What's next: More old retail pain? Barnes & Noble and its new CEO Demos Parneros head to the earning stage Thursday morning. The bookseller is expected to suffer its fourth loss in the last five quarters. Wall Street is also bracing for bad news from Bed Bath & Beyond, whose stock has plunged 17% this year. The mood should be more upbeat during the earnings call for Carnival as the cruise operator has enjoyed a 28% stock surge this year. EpiPen maker faces angry shareholders: Controversial drug maker Mylan is set to hold its annual shareholder meeting at 8 a.m. ET on Thursday. Look to see if investors rebel against Mylan's board of directors over the EpiPen scandal and a $98 million payout to Chairman Robert Coury.  Stressing the big banks: The Federal Reserve is scheduled to release the results of its Dodd-Frank stress tests at 4:30 p.m. ET on Thursday. The tests are used to determine whether big banks like JPMorgan Chase and Wells Fargo have enough capital to withstand a new crisis.   Make this newsletter better. Please send us your feedback to CNNMoneyfeedback@turner.com Share Tweet Forward Sign up for CNN Money's morning markets newsletter: Before the Bell Sign up for CNN Money's closing markets newsletter: Markets Now Copyright © 2017 Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved., All rights reserved. You're receiving this newsletter because you opted in at cnn.com or cnnmoney.com. Our mailing address is: Cable News Network, LP, LLLP. A Time Warner Company. All Rights Reserved. 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