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Uber CEO Travis Kalanick resigns

After dispute with investors, Uber co-founder Travis Kalanick has stepped down as the CEO of the company.

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What begun as a leave of absence for the Uber CEO Travis Kalanick, has now turned into a resignation. After a shareholder dispute made it untenable for Kalanick to stay in the company, he has put his papers down. It was in 2009, that Kalanick found the ride-hailing company, and in the past years, with his aggressive approach, has managed to turn it into a transportation colossal.

https://twitter.com/amir/status/877397609937199104

The Independent’s Amir Efrati, Reuters, and NYT have confirmed the reports. They claim that the sudden exit by the CEO comes after hours of drama involving Uber s investors. Reportedly, earlier this week, five of Uber s major investors demanded that the chief executive resign immediately. The investors included one of Uber s biggest shareholders, venture capital firm Benchmark, which also has one of its partners, Bill Gurley, on Uber s board. Apparently, the investors made their demand for Kalanick to step down in a letter delivered to the chief executive while he was in Chicago.

“I never thought I would be writing this. As you all know, I love Uber more than anything in the world, but at this difficult moment in my personal life, I have accepted a group of investors’ request to step aside, so that Uber can go back to building rather than be distracted with another fight. I will continue to serve on the board and will be available in any and all ways to help Uber become everything we’ve dreamed it would be. Thank you for everything,” wrote Travis Kalanick in response.

Titled ‘Moving Uber Forward’, the letter was obtained by NYT, in which the investors wrote that Kalanick must immediately leave and that the company needed a change in leadership. The Uber co-founder apparently consulted other board members, and after long discussions came to the decision of stepping down. However, he will remain as Uber s board of directors. ALSO READ: Uber Mishaps: From data breach to CEO Travis Kalanick s leave of absence, here s everything that went wrong

“Travis has always put Uber first. This is a bold decision and a sign of his devotion and love for Uber. By stepping away, he s taking the time to heal from his personal tragedy while giving the company room to fully embrace this new chapter in Uber s history. We look forward to continuing to serve with him on the board,” Uber’s b0ard said in a statement.

The move caps months of questions over the leadership at Uber. About a week ago, Uber s board of directors also voted unanimously to adopt the recommendations of a workplace review led by the law firm of the former US attorney general Eric Holder. The list of recommendations suggested improving Uber s toxic workplace culture, which condoned sexual harassment, bullying, and retaliation against those who reported problems. Holder recommended that Kalanick be relieved of some leadership responsibilities, shifting them to a chief operating officer and other senior managers. ALSO READ: Delhi rape victim sues Uber for accessing her medical records

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  • Published Date: June 21, 2017 12:03 PM IST
  • Updated Date: June 21, 2017 1:06 PM IST



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