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Uber founder Travis Kalanick resigns as CEO under investor pressure

Uber

New York: Uber CEO and co-founder Travis Kalanick has resigned. Kalanick said in a statement to The New York Times yesterday that he has accepted a request from investors to step aside.

Earlier Tuesday, five of Uber’s major investors demanded that the chief executive resign immediately. The investors included one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board. The investors made their demand for Kalanick to step down in a letter delivered to the chief executive while he was in Chicago, said the people with knowledge of the situation.

Kalanick says the move will allow the ride-sharing company to go back to building itself rather than become distracted by another fight.

Kalanick had already been on indefinite leave amid criticism of his management style and following the death of his mother in a boating accident.

The San Francisco-based company he co-founded in 2009 has been trying reverse damage done to its reputation by revelations of sexual harassment in its offices, allegations of trade secrets theft and an investigation into efforts to mislead government regulators.

 

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