World

Uber CEO resigns amid investor pressure

SAN FRANCISCO: Uber chief executive Travis Kalanick, co-founder of one of the most influential technology companies of its generation, resigned yesterday under mounting pressure from investors over his leadership.

Mr Kalanick's departure caps a tumultuous period for the world's largest ride-services company, which upended the taxi industry and transportation regulations globally with him at the helm.

"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," Mr Kalanick said in a statement first reported by the New York Times and verified by an Uber spokesman.

Mr Kalanick, 40, has faced increased scrutiny in recent weeks following an investigation into the culture and workplace practices at a company he helped start in 2009 that is now the world's most highly valued start-up.

But it was a chorus of demands for changes at the top from some of Uber's biggest investors that ultimately forced him out, according to a source familiar with the matter.

Venture capital firm Benchmark, whose partner Bill Gurley is one of Uber's largest shareholders and sits on its board, as well as investors First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investments, all pressed Mr Kalanick to quit.

They delivered a letter to Mr Kalanick while he was in Chicago, the New York Times reported, citing people with knowledge of the situation. The newspaper said he would remain on Uber's board. - REUTERS

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