Uber founder Travis Kalanick resigns as CEO post major investors citing concerns over leadership style

Uber founder Travis Kalanick quit as company CEO after five of the entities major investors demanded his resignation citing weak leadership. 

According to the reports, Travis Kalanick resigned after much pressure from Uber’s investors who insisted that he should resign as the company needed a change in leadership.

On Tuesday, five of Uber’s major investors demanded the resignation of the chief executive. The investors made their demand in a letter “Moving Uber Forward” which was delivered to the chief executive while he was in Chicago. The investors included one of Uber’s biggest shareholders, Benchmark.

In a statement, Kalanick 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.”

In the letter, the investors asked Travis Kalanick to resign immediately as the company needs to move forward and needs a change in the leadership. As per the reports by the US media, Kalanick resigned after consulting with one Uber board member and some of the investors. He will, however, remain on Uber’s board of directors.

Under the leadership of Travis Kalanick, the company was exposed as a company that is rife with sexual harassment and discrimination.

Recently, an engineer who worked with Uber alleged sexual harassment at the workplace opening the gates for more complaints and investigation. In addition, Uber has also been gripped with an intellectual property lawsuit from Waymo, and a federal inquiry into a software tool.