Uber’s Embattled CEO Travis Kalanick Resigns Following Shareholder Revolt

Here we go: Uber‘s embattled CEO Travis Kalanick has stepped down permanently from the company he built, following a shareholder revolt that made his position untenable.

The New York Times, which broke the story, reports that his departure comes “under pressure after hours of drama involving Uber’s investors”. It seems that five of Uber’s major investors wrote Kalanick a letter demanding he resign, and after hours of discussion, he did just that.

It follows months of scandals rocking the company, including allegations of sexual harassment, bullying and toxic workplace culture. Earlier this month, Uber fired 20 employees after concluding a massive investigation into allegations of sexual harassment at the company.

Kalanick, 40, was already on indefinite leave as of last week, partly to “work on himself” and partly to grieve his mum, who died last month in a boating accident.

“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.

“Travis has always put Uber first,” said the board in a statement. “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.”

It’s not yet clear who will take over his position as CEO.

Source: New York Times.

Photo: Uber.