Uber CEO Travis Kalanick Resigns Amid Pressure From Investors
Uber founder Travis Kalanick has resigned as CEO of the ride-sharing company.
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.
After meeting with investors of the company this week, he agreed to step down to help move the company in a new direction.
"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," said Kalanick in a statement to NYT.
Just last week, Kalanick had announced that he would be taking a leave of absence as the company implemented changes to improve its workplace culture, which was set in motion after a series of sexual harassment allegations.
In a memo released at the time, Kalanick noted that "if we are going to work on Uber 2.0, I also need to work on Travis 2.0 to become the leader that this company needs and that you deserve."
His leave coincided with the release of findings from an investigation into its corporate culture. Employees were presented with the findings of the investigation, conducted by former Attorney General Eric Holder of Covington & Burling, during an all-hands meeting on June 13. Earlier that week, Kalanick's right-hand man, Emil Michael, also left the company.
According to the NYT, Kakanick's leave of absence did not go far enough for a number of investors who collectively account a quarter of Uber's stock and 40 percent of the voting rights. In a letter delivered to Kalanick on Tuesday, the investors are reported to have demanded that he resign immediately.
Earlier this month, Uber board member David Bonderman was forced to resign after making a sexist comment at the company’s all-hands meeting. Bonderman, who founded TPG Group, had joked that having more women on boards resulted in “more talking.” He later apologized for the comment, which was directed at Arianna Huffington, and called his remarks "careless, inappropriate and inexcusable."
Kalanick will remain on Uber’s board of directors.
This article was originally published by The Hollywood Reporter.