Saturday 23 September 2017

Uber co-founder Travis Kalanick steps down as CEO under pressure from investors

Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File Photo
Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File Photo
Chief Executive Officer of Uber Travis Kalanick. REUTERS/Joshua Roberts/File Photo

Travis Kalanick has resigned as chief executive of taxi hailing firm Uber following a series of scandals.

Mr Kalanick, who helped found the company in 2009, is reported to have quit following shareholder unrest over his leadership.

Uber has been dogged by questions over its working culture, including sexual harassment, allegations of trade secrets theft and an investigation into efforts to mislead government regulators.

Heavyweight investors - Benchmark, First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investments - wrote a letter titled "Moving Uber Forward", demanding Mr Kalanick steps down, according to The New York Times.

Read more: The top five (recent) scandals which have engulfed Uber

As well as Mr Kalanick's immediate resignation, they demanded the board appoints more "truly independent directors" and that Uber hires an experienced finance chief.

Mr Kalanick said in a statement to the newspaper: "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 had already been on indefinite leave amid criticism of his management style and following the death of his mother in a boating accident.

The Silicon Valley company is valued at over 60 billion US dollars (£47.5 billion).

Read more: Uber sacking costs self-drive executive a $250m payday

Press Association

Also in Business