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Uber CEO Travis Kalanick resigns following months of chaos Uber CEO Travis Kalanick resigns following months of chaos
(about 1 hour later)
Uber co-founder Travis Kalanick resigned from his position as chief executive of the $68bn ride-hailing app on Tuesday, following a tumultuous six months of scandal. Uber co-founder Travis Kalanick has resigned from his position as chief executive of the $68bn ride-hailing app following a tumultuous six months of scandal.
Kalanick stepped down in the face of pressure from five of Uber’s largest investors, according to the New York Times, which first reported Kalanick’s exit. Kalanick stepped down in the face of pressure from five of Uber’s largest investors, according to the New York Times. Kalanick will, however, stay on the company’s board.
“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 in a statement to the Times. “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 in a statement to the New York Times.
The resignation comes just one week after Kalanick began an indefinite leave of absence amid efforts to bring about wholesale change of Uber’s corporate culture. Though Uber had long had a reputation for defying rules and regulations, the company faced a crisis in February when a former employee published a viral blog post describing a workplace rife with gender discrimination and sexual harassment. The resignation comes just one week after Kalanick began an indefinite leave of absence amid efforts to bring about wholesale change of Uber’s corporate culture. Though Uber had long had a reputation for defying rules and regulations, the company faced a new kind of crisis in February when a former employee published a blog post describing a workplace rife with gender discrimination and sexual harassment.
Uber enlisted former US attorney general Eric Holder to conduct an investigation into the company’s workplace culture, the results of which were released last Tuesday. Among a sweeping list of recommendations for reform, the report called for reviewing and reducing Kalanick’s role in the company.Uber enlisted former US attorney general Eric Holder to conduct an investigation into the company’s workplace culture, the results of which were released last Tuesday. Among a sweeping list of recommendations for reform, the report called for reviewing and reducing Kalanick’s role in the company.
During Kalanick’s absence, the company was to be lead by a committee of executives. During Kalanick’s absence, the company was to be led by a committee of executives.
According to the Times, however, the leave was not enough for the group of investors, who own more than a quarter of Uber’s stock and account for about 40% of voting share. The investors - Benchmark, First Round Capital, Lowercase Capital, Menlo Ventures, and Fidelity Investments - demanded Kalanick’s immediate resignation in a letter delivered to him earlier on Tuesday. According to the New York Times, the leave was not enough for the group of investors, who own more than a quarter of Uber’s stock and account for about 40% of voting share. The investors - Benchmark, First Round Capital, Lowercase Capital, Menlo Ventures, and Fidelity Investments - demanded Kalanick’s immediate resignation in a letter delivered to him earlier on Tuesday.
Uber continues to face challenges on multiple fronts. The embattled company is currently squaring off against Google parent company Alphabet in an intellectual property lawsuit that could pose an existential threat to Uber’s future. Uber is also under federal investigation for its use of a program designed to deceive law enforcement in cities where its service was barred.Uber continues to face challenges on multiple fronts. The embattled company is currently squaring off against Google parent company Alphabet in an intellectual property lawsuit that could pose an existential threat to Uber’s future. Uber is also under federal investigation for its use of a program designed to deceive law enforcement in cities where its service was barred.