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Uber CEO Travis Kalanick Resigns

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Following pressure from stakeholders, Travis Kalanick has stepped from his role as chief executive of Uber, the ride-hailing service which he cofounded in 2009, and turned into a $68 billion startup

According to the New York Times, Kalanick’s exit came under pressure after hours of drama involving Uber’s investors.

A report by the New York Times further revealed that five of Uber’s major investors, including one of Uber’s biggest shareholders, the venture capital firm Benchmark demanded that the chief executive resign immediately, on claims that the company needed a change in leadership. The investors made their demand for Mr. Kalanick to step down in a letter titled “Moving Uber Forward”.

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In a statement, Kalanick said, “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.”

Commenting on the exit, Uber’s board said in a statement that Mr. Kalanick had “always put Uber first” and that his stepping down as chief executive would give the company “room to fully embrace this new chapter in Uber’s history.”

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Kalanick would however remain on Uber’s board of directors.

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