Uber co-founder forced to resign as Chief Executive

The co-founder and chief executive officer of the famous ride-hailing service, Uber Technologies Inc. was asked to resign by the investors of the company, according to a statement released by the company on Wednesday.

Uber has been marred with controversies and the investors are trying to build a new image of the company so that it can do away with its bad reputation and embark on a more successful journey.

Travis Kalanick was one of the co-founders of Uber and also the CEO of the company, ever since it started operating. His resignation comes after a months-long investigation into the culture of the company and the workplace practices, led by former US Attorney General Eric Holder.

Uber first came under fire after a former female employee publicly accused the company of what she described as brazen sexual harassment. After that first allegation, a number of employees came forward with their own accounts of malpractices at the company.

Five large investors of the company, including venture capital firm Benchmark demanded that Kalanick should resign immediately in a letter delivered to him while he was in Chicago. The letter, titled ‘Moving Uber Forward’, the investors said that among other things, Uber needed a change in its leadership.

A person with knowledge of the situation told reporters that after receiving the letter, Kalanick discussed the situation with one other board member and after hours of discussions with some investors, he agreed to step down.

Kalanick will remain on Uber board but a new CEO will be brought in his place.

“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,” a local paper quoted Kalanick as saying.

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Posted by fatimaarshad on Jun 21 2017. Filed under Latest News, World. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.