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Embattled Uber CEO Kalanick steps down

New York, United States | AFP |  Uber chief executive Travis Kalanick has stepped down from his job after a shareholder revolt made it untenable for him to stay, the New York Times reported on Wednesday.

Kalanick had already been on a leave of absence aimed at restoring confidence in the scandal-plagued ridesharing giant, but on Tuesday quit completely after five of the company’s major investors demanded his departure, the paper said, citing two people with knowledge of the situation.

The investors, who made their demand in a letter, include one of Uber’s biggest shareholders, the venture capital firm Benchmark, it said.

The pioneering company has been facing pressure to rein in a no-holds-barred management style led by Kalanick and to reform its workplace culture, which has sparked charges of harassment and discrimination.

Uber, which is the world’s richest venture-backed startup valued at some $68 billion, operates in dozens of countries despite problems with regulators in many jurisdictions and protests from established taxi operators.

Kalanick had been seen as the driving force behind Uber despite a series of embarrassing missteps.

 

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