In what's being described as a "shareholder revolt," Travis Kalanick, the embattled CEO of Uber, resigned on Tuesday from the company he founded and helped build into a ride-sharing giant.
NEW: Uber co-founder Travis Kalanick has resigned as CEO, company spokesperson confirms to @ABC News.… https://t.co/Ii7oJnxIE5— ABC News (@ABC News)1498026697.0
In a statement confirming his decision, Kalanick wrote:
<blockquote>"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."</blockquote><p>Kalanick's resignation comes a week after he announced he would take an extended leave of absence as chief executive. That was reportedly not enough for five of Uber's top investors, who sent a letter to Kalanick on Tuesday demanding that he step down as CEO.</p><p><div id="action_button_container"></div></p><p>According to the New York Times, their other demands included:</p><blockquote>...improved oversight of the company’s board by filling two of three empty board seats with “truly independent directors.” They also demanded that Mr. Kalanick support a board-led search committee for a new chief executive and that Uber immediately <a href="https://www.nytimes.com/interactive/2017/06/14/technology/uber-travis-kalanick-executives.html" title="New York Times graphic">hire an experienced chief financial officer</a>.</blockquote><p>These five top investors include Benchmark, First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investments. Together, they own more than a quarter of Uber's stock,</p><p>While these investors did not offer public statements, Bill Gurley, a partner at Benchmark, praised the former CEO on Twitter Wednesday morning.</p><p></p><div id="b2ec5" class="rm-shortcode" data-rm-shortcode-id="B8U1R41574878728"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="877414347575746560" data-partner="rebelmouse"><div style="margin:1em 0">There will be many pages in the history books devoted to @travisk - very few entrepreneurs have had such a lasting impact on the world.</div> — Bill Gurley (@Bill Gurley)<a href="https://twitter.com/bgurley/statuses/877414347575746560">1498026856.0</a></blockquote></div><p></p><p>Uber's own statement read in part:</p><blockquote>“Over the next 180 days we are committed to making driving with Uber better than ever. We know there’s a long road ahead, but we won’t stop until we get there.”</blockquote><p>Kalanick will remain on Uber's board of directors.</p><p><div data-conversation-spotlight=""></div></p>
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