Uber CEO Travis Kalanick has stepped down from the ride-hailing service on Tuesday. His exit came under pressure and after hours of drama which involve Uber’s investors. The transport service was found back in 2009 and after a share holder revolt, made it untenable for him to stay on at the company.
Earlier on Tuesday, Uber’s major investors have demanded Travis Kalanick to resign immediately. The investors included Bill Gurley as one of the partners on Uber’s board, one of Uber’s biggest shareholders, the venture capital firm Benchmark.
In a letter delivered to the chief executive while he was in Chicago, The investors demanded Kalanick to step down. The letter titled with “Moving Uber Forward” obtained by The New York Times detailed that the investors wrote Mr. Kalanick must immediately leave the company needed a change in leadership. After long discussions with some of the investors, Mr. Kalanick, 40, has agreed to step down as Chief executive. However, he will remain on Uber’s board of directors.
“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,” Mr. Kalanick said in a statement.
Uber’s board has spilled the beans in a statement that Mr. Kalanick had “always put Uber first” and his stepping down as chief executive would give the company “room to fully embrace this new chapter in Uber’s history.” Said an Uber spokesman and further declined to comment.
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