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June 21, 2017

Uber CEO Travis Kalanick resigns following investor pressure

The CEO and founder of Uber, Travis Kalanick has stepped down after investors share request for new management as the company deals with allegations.

By Hannah Williams

Uber’s founder and CEO, Travis Kalanick has resigned following a series of allegations facing the ride-sharing company.

The company, which Kalanick founded in 2009, confirmed his resignation on Tuesday after investors required him to resign immediately as they deal with accusations of sexual harassment.

According to New York Times, the investors include Uber’s biggest shareholders, Benchmark Capital. Reportedly, Kalanick was presented with a letter titled “Moving Uber Forward,” in which the investors detailed the request for a new CEO to take over the role.

Kalanick accepted the request and wrote in a statement: “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.”

The former CEO’s resignations comes just a few days after he took a leave of absence after the company was hit with sexual assault claims and allegations of misconduct. The CEO, however, claimed the absence was due to the loss of his mother who passed away in a boating accident on May 26th.

Read more:Uber threatens to fire engineer involved in Waymo lawsuit

Uber faced allegations of sexual harassment earlier in the year after a former employee claimed she was harassed at the company, which then paved the way for further complaints and allegations regarding the company’s work culture.

During that time, Kalanick said he would remain involved in all the company’s big decisions but other executives of the company would run the business in his absence. His resignation from the company highlights the gravity of the allegations levelled at Uber.

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In a statement, Uber’s board of directors said: “Travis has always put Uber first. 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.”

Kalanick will remain a member of Uber’s board of directors.

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