According to the latest reports, Uber Co-Founder and CEO Travis Kalanick, has resigned from his post.
His departure arrives came following five of the company’s large investors, which comprise venture capital group Benchmark, had a letter delivered to Kalanick while he was in Chicago demanding his stepping down.
Reports said that the letter demanded that the company needed a new leader and the 40-year-old founder must straight away go. After hours of talks, Kalanick made his mind.
Meanwhile Kalanick said in a statement that, “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 by another fight.”
In the recent times, the Silicon Valley firm has been aiming to perk up its workplace culture after being hurt by allegations of sexual bias and harassment at the company. Last week, Uber unconfined a report on an investigation into those claims, with the suggestion that Kalanick be stripped of some of his responsibilities. The Uber CEO then said he would take a leave of absence “to become the leader that this company needs,” but has now been forced to resign.
Although Kalanick is no longer at the helm of Uber, he is thought to be the company’s controlling investor after amassing super-voting rights through employee share sales.
According to the sources closer to the matter, the investors behind the letter asking for the CEO’s exit were Menlo Ventures, Lowercase Capital, First Round Capital and Fidelity Investments, as well as Bill Gurley of Benchmark.
Furthermore it is reported that there is no alternate for Kalanick lined up at Uber, which has recently lost its top financial and operating heads among other executive exits.