Uber CEO Travis Kalanick Resigned After Pressure From Investors

Uber CEO Travis Kalanick Resigned After Pressure From Investors

The C Times, 22nd June 2017, Agartala: On Tuesday, Uber Technologies Inc Chief Executive Travis Kalanick has resigned due to the pressure from investors after a string of delay. The companies are one of the most important technologies of its generation.

Kalanick has become a huge legal responsibility to the car-hailing company for mounting a number of reasons, from unclear business practices to troubling legal action to a basic management situation.

The season of leaving was to grieve for the recent death of his mother, said Kalanick. The decision of resigning Kalanick “ was a surprise to everyone” said a second Uber spokesman.

According to ‘The New York Times’ reports, it is learnt that five of Uber’s main investors had called for Kalanick’s resignation earlier on Tuesday, like venture capital group Benchmark, one of Uber’s biggest shareholders.

Kalanick will remain on Uber’s board of directors and will control a main of the company’s voting shares. He will be a key player in future decisions, including the hiring of a new CEO.

The Uber’s board said in a statement that “Travis has always put Uber first. This is a bold decision and a sign of his devotion and love for Uber. By stepping away, he’s taking the time to heal from his personal tragedy while giving the company room to fully embrance this new chapter in Uber’s history. We look forward to continuing to serve with him on the board.”

Uber spokesperson said in a statement from Kalanick, “As you all know, I love Uber more than anything in the world, but at this difficult moment in my personal life, I have accepted a group of investors’ request to step aside, so that Uber can go back to building rather than be distracted with another fight. I will continue to serve on the board, and will be available in any and all ways to help Uber become everything we’ve dreamed it would be.”

Uber investor and advisor Bradley Tusk said that “The person who still best personifies Uber’s potential is the person who left Tuesday night. But it’s not like he really could stay without it being brutally bad for the company.”

Uber executive recruiters said it is not clear that who will be new Uber CEO, however, the next leader will probably tasked with making the company profitable and paving the way to an initial public offering.

A partner at executive search firm Boyden Steve Nilsen said “They need someone who is willing to walk into this mess, and be the single adult in this room for awhile until the rest of the executive team is in place.”

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