Travis Kalanick resigns as Uber’s Chief Executive

While his aggressive and pugnacious style of working defined Uber, things went downhill following an investigation into the company’s management style.

Travis Kalanick, co-founder and CEO of Uber Technologies Inc has resigned from the company under pressure from investors over his leadership qualities.

His departure brings an end to the tumultuous period the world’s largest ride-services company which revolutionized the taxi and transportation with him at its helm.

“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.

In recent weeks, Kalanick, 40, had faced heightened scrutiny following an investigation into the company’s workplace practices and work culture.

The chorus of demands for change from Uber’s biggest investors finally forced Kalanick out, as per a source familiar with the matter at hand.

Venture capital companies, including First Round Capital, Benchmark, Menlo Ventures, Lowercase Capital, and Fidelity Investments, are among the companies who pressed Kalanick to quit.

The NY Times has reported citing sources with knowledge of the information at hand, they delivered a letter to Kalanick while he was in Chicago. Kalanick would however remain in Uber’s board.

As per a spokesman from Uber, Kalanick’s decision “was a surprise to everyone”.

The privately held company has been valued at $68 billion.

Gurley, one of Kalanick’s closest confidants, praised the Uber’s CEO on Twitter, after having called for his resignation.

“There will be many pages in the history books devoted to @travisk – very few entrepreneurs have had such a lasting impact on the world,” tweeted Gurley.

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Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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