Travis Kalanick, the co-founder of transportation and food app Uber, has stepped down from the position of CEO for the tech giant amid chatter of troubled times at the company. Kalanick bent to the demands of shareholders, who have been asking for his resignation for months.
The New York Times reports:
Travis Kalanick stepped down Tuesday as chief executive of Uber, the ride-hailing service that he helped found in 2009 and built into a transportation colossus, after a shareholder revolt made it untenable for him to stay on at the company.
Mr. Kalanick’s exit came under pressure after hours of drama involving Uber’s investors, according to two people with knowledge of the situation, who asked to remain anonymous because the details were confidential.
While Uber has landed in the crosshairs of taxi companies threatened by its business model and regulators suggesting that the company bends the transport laws into their favor, the company has also been accused of maintaining a culture of sexism against women workers. There was also outcry when Kalanick was seen verbally slamming a driver that was caught on tape.
Yesterday (June 20), five large investors of Uber demanded that Kalanick vacate his post immediately. Kalanick agreed to the demands but will remain on the company’s board of directors.
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