After increased pressure from investors and shareholders on Tuesday, Uber founder and CEO Travis Kalanick has stepped down from the company. According to The New York Times, investors revolted against Kalanick and asked for the founder to announce his resignation immediately. This comes after earlier reports that Kalanick would be taking a leave of absence from the company and that his role was in jeopardy:
Earlier on Tuesday, five of Uber’s major investors demanded that the chief executive resign immediately. The investors included one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board. The investors made their demand for Mr. Kalanick to resign in a letter delivered to the chief executive while he was in Chicago, said the people with knowledge of the situation.
In the letter, titled “Moving Uber Forward” and obtained by The New York Times, the investors wrote to Mr. Kalanick that he must immediately leave and that the company needed a change in leadership. Mr. Kalanick, 40, consulted with at least one Uber board member and after hours of discussions with some of the investors, he agreed to step down. He will remain on Uber’s board of directors.