Uber CEO Travis Kalanick Resigns

Uber founder Travis Kalanick has resigned his position as Uber's CEO following a shareholder revolt, reports the New York Times.

Earlier on 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 Mr. 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.

The NYT obtained a copy of the letter entitled, 'Moving Uber Forward'. In it, investors demanded that Kalanick immediately leave as the company needed a change in leadership. After long discussions with some of the investors Kalanick decided to step down as CEO. He will remain on the board of directors and still has control of a majority of Uber's voting shares.


“I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight,” Kalanick said.

The resignation comes following several controversies surrounding the culture at Uber. A major lawsuit from Waymo and the company's net loss of $2.8 billion last year.

More details in the full report linked below...

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