Uber
2017
47
Holder report recommendations adopted by the board
What happened
An ex-engineer’s blog exposed harassment and a toxic, ‘win-at-all-costs’ culture. Investigations followed and 20+ staff were fired.
What the board did
Board unanimously adopted Eric Holder’s 47 recommendations. Five major investors (~40% of votes) demanded founder-CEO Travis Kalanick resign; he quit in June 2017.
Lesson
Boards must act on culture even when the problem is the founder.
Wells Fargo
2016
$180M+
executive pay clawed back
What happened
A high-pressure cross-selling culture led staff to open up to 2 million accounts without customers knowing. About 5,300 employees were fired.
What the board did
CEO John Stumpf resigned. An independent board probe blamed Stumpf and retail head Carrie Tolstedt; the board clawed back $180M+ and named an independent chairman.
Lesson
Incentive design is a board responsibility, and directors must demand the real numbers.
Boeing
2019 · 2024
346
lives lost in two 737 MAX crashes
What happened
Two 737 MAX crashes exposed a culture where cost and schedule beat safety. In Jan 2024 a door plug blew out on an Alaska Airlines jet; bolts were missing from the factory.
What the board did
2019: board stripped Muilenburg of chair, then ousted him. 2024: CEO Calhoun to step down, chair Kellner left, and engineer Steve Mollenkopf became chair to lead the CEO search.
Lesson
Safety culture is a board-level risk; replacing a CEO alone doesn’t fix it.