Uber Technologies co-founder resigns
June 21, Washington DC: Uber Technologies Inc co-founder Travis Kalanick stepped down as chief executive of the ride-hailing service, following intense pressure from investors, a company spokesman said on Wednesday.
Mr. Kalanick's exit came under pressure after hours of drama involving Uber's investors. Five large investors, including venture capital firm Benchmark, demanded that the CEO resign immediately in a letter delivered to Kalanick while he was in Chicago.
In the letter, titled "Moving Uber Forward," the investors also said the company needed a change in leadership.
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. Travis Kalanick said.
Uber, which has raised more than $11 billion from investors since its founding in 2009, has a wide base of shareholders apart from the ones who signed the letter. Mr. Kalanick's troubles began earlier this year after a former Uber engineer detailed what she said was sexual harassment at the company.
The Oslo Times International News Network