Uber CEO Resigns After Shareholders Revolt

Uber founder Travis Kalanick has resigned as CEO of the ride-sharing company.

According to reports, Kalanic, who founded the company in 2011 and has held the position of CEO ever since, will remain on the company board.

The Uber board of directors welcomed the "bold decision", say it marked a "sign of his devotion and love for Uber". The investors included one of Uber's biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber's board.

Kalanick took an indefinite leave of absence earlier this month, in part to deal with a personal tragedy.

Meanwhile, a former Uber engineer published a blog post alleging sexual harassment and gender discrimination during her tenure at the company.

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 agreed to take a leave of absence from the company last week to grieve the loss of his mother and let the company work to transform the troubled company culture instilled under his direction, but investors weren't satisfied.

The company's organisational culture and workplace practices also came under the spotlight.

This led to further allegation from other employees, prompting the company to conduct internal investigations.

Earlier this week, a group of Uber shareholders demanded Kalanick's resignation as they looked to launch a new chapter at the firm.

On Tuesday, the company embarked on a 180-day program to change its image by allowing riders to give drivers tips through the Uber app, something Kalanick had resisted. The list includes chief executive, chief operating officer, general counsel, senior vice president of engineering, chief marketing officer, and board chair.

People make their way into the building that houses the headquarters of Uber, Wednesday, June 21, 2017, in San Francisco. Twenty Uber employees were recently fired after the harassment investigation, and the head of its autonomous vehicle program was sacked for refusing to cooperate in the lawsuit.

Mr Alexander was sacked earlier this month, and Mr Michael later left Uber. The resignation was later confirmed by the company's board of directors.

  • Salvatore Jensen