Uber CEO Kalanick resigns under investor pressure

Uber CEO Kalanick resigns under investor pressure

Following months of turmoil, Travis Kalanick has made a decision to resign as the chief executive officer of Uber, the popular ride-hailing startup he co-founded in 2009 en route to disrupting public transportation as it existed before then.

Uber's founder Travis Kalanick has reportedly vacated his role as CEO, following a string of scandals at the vehicle service company.

One of the investors pushing for Kalanick's resignation included venture capital firm Benchmark.

Kalanick, who has been with the company since he helped create it in 2009, was forced out by Uber's investors, reports The New York Times.

Mounting pressure from investors prompted Kalanick to resign Monday night, one week after he announced he would take an unspecified leave of absence from the company to grieve the unexpected loss of his mother. With Kalanick's exit, Uber is out its CEO, COO, CBO, CFO, CMO, and SVP of Engineering, but at least the board has stated it's looking for an "experienced" chief financial officer. He will reportedly retain his seat on the board and will control a majority of the company's voting shares. "We look forward to continuing to serve with him on the board".

On Tuesday, the founder and CEO of successful tech and transportation company Uber officially resigned from his position, a decision which came in response to calls for his resignation from numerous company's investors.

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"I can confirm Travis has resigned", a spokesman told AFP in an email.

Uber has been having hard time over the past few months. Uber has given us nothing but negative headlines for quite a while now and we thought that maybe the company might turn itself around.

In a statement to CBS News early Wednesday, Uber's board said, "Travis has always put Uber first". It's important to realize that just because Kalanick is no longer in the ultimate leadership role does not mean he won't have an influential voice at the company.

Kalanick said there was much to be improved at the company and that he would be working on a team that could lead "Uber 2.0".

The report, recommendations of which were adopted by the board, said Uber "should reformulate its written cultural values" to "reflect more inclusive and positive behaviours".

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