Uber CEO Travis Kalanick Has Resigned Due To Investor Pressure

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Travis Kalanick has resigned as chief executive of Uber after pressure from investors, ending eight years of leading the ride-hailing company that has expanded round the globe but became mired in controversies. From a report: Kalanick had become a giant liability to the car-hailing company for a growing number of reasons, from sketchy business practices to troubling lawsuits to a basic management situation that was akin to really toxic goat rodeo. Thus, he had to go, even though some sources said he had the voting power to stay. But big investors also have leverage and a big enough group of them joined to use it. Those investors include Benchmark, Fidelity and Menlo Ventures, all of whom sen…
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Uber CEO Travis Kalanick has resigned


Following months of scandal at Uber and pressure from investors, CEO and co-founder Travis Kalanick has stepped down from his position at the ridesharing company. While he will no longer head the $ 70 billion firm, Kalanick will remain on its board of directors. According to The New York Times, five of Uber’s major shareholders, including VC firm Benchmark’s partner Bill Gurley, demanded that Kalanick throw in the towel, in a letter addressed and delivered to him in Chicago. The letter from these investors also called for two now board members who should…
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