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Embattled Uber’s Chief Executive Officer (CEO), Travis Kalanick resigns from the ride-sharing company he helped found in 2009, according to reports.
This is following a “shareholder revolt” led by some of Uber’s most prominent investors, the New York Times reports.
An Uber spokesperson confirmed to TechCrunch that Kalanick has actually stepped down.
The report states that five of Uber’s most prominent investors, including Benchmark, wrote a letter titled “Moving Uber Forward,” which recommended that the CEO step aside immediately.
After hours of discussion, Kalanick agreed to resign.
“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,” Kalanick said in a statement given to the Times.
However, Kalanick will continue to hold a position on Uber’s board of directors, according to a statement from the board given to TechCrunch.
“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 embrace this new chapter in Uber’s history.
“We look forward to continuing to serve with him on the board,” the statement read.
Kalanick announced just last week that he was taking a leave of absence from the company following the release of a report into Uber’s toxic company culture by former Attorney General Eric Holder.
Kalanick cited a recent family tragedy and internal issues at the company as reasons for the leave, saying in a letter to Uber employees, “…I need to take some time off of the day-to-day to grieve my mother, whom I buried on Friday, to reflect, to work on myself, and to focus on building out a world-class leadership team”.