Uber CEO Travis Kalanick Resigns After Investor Demands

Paterniano Del Favero
Giugno 27, 2017

Kalanick has been a controversial figure for those who want to see Uber execute a public offering quickly and for those who advocate for a more corporate approach to the business.

Travis Kalanick, chief executive at the ride-hailing tech giant Uber, has announced he will be stepping down from his current position following months of crisis at the company. Kalanick's resignation was confirmed late Tuesday night (June 20), after he received a letter from five shareholders, demanding a change in leadership, The New York Times reports. Mr. Kalanick, 40, consulted with at least one Uber board member and after hours of discussions with some of the investors, he agreed to step down.

Uber's founder and CEO Travis Kalanick has resigned after mounting pressure from shareholders over a string of workplace scandals.

The move comes amid a whirlwind of crises for Uber, but especially for Kalanick.

If Uber continues to fail, it is not without trying to fix itself; last month, Uber brought former Obama Administration A.G. Eric Holder to assess the company and provide a solution to its many problems.

"This is a bold decision and a sign of his devotion and love for Uber", the board said.

Indeed, the idea that Uber simply needs to replace Kalanick with someone who has experience running a large technology company may not be sufficient for a business that has yet to become profitable and is facing stepped-up competition from rivals such as Lyft Inc.

The company's hard-charging style has led to legal trouble.

Uber's board will now also be tasked with filling the company's top spot.

The investors' letter to Kalanick also demanded he support a board-led search for a new CEO and that the company immediately hire an experienced chief financial officer.

Kalanick taking time out to heal from mother's death and giving company "room to embrace new chapter in Uber's history".

Outside experts said the only way to change Uber's culture was for Kalanick to step aside.

The U.S. Department of Justice is investigating the company's past usage of phony software and Google claims that Uber is using stolen technology from Waymo, Google's spin-off service, to build self-driving cars.

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