Travis Kalanick Steps Down as Uber’s CEO

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Uber CEO and Co-Founder; Travis Kalanick delivers an address to employees and drivers marking the company's five year anniversary in San Francisco, California June 3rd, 2015.. Image Credit: Business Insider
Uber CEO and Co-Founder; Travis Kalanick delivers an address to employees and drivers marking the company's five year anniversary in San Francisco, California June 3rd, 2015.. Image Credit: Business Insider

New York Times (NYT) on Wednesday reports that, Uber Technologies Inc Co-Founder Travis Kalanick on Tuesday 20th, June 2017 stepped down as Chief Executive Officer of the ride-hailing service.

NYT reports says he’s exit came under pressure after hours of drama involving Uber’s major investors; one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board. This was according to two people with knowledge of the situation, who asked to remain anonymous because the details are confidential.

“The investors made their demand for Travis to step down as the CEO of the firm in a letter (that was also obtained by NYT) delivered to him while he was in Chicago,” said the people with knowledge of the situation.

In a press statement, Travis said, “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.”

Uber was not immediately available to comment outside regular US working hours.

Editor’s Note: This story has been updated!

source: Reuters and NYT

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