Travis Kalanick, co-founder of Uber in 2009 has resigned as CEO from the ride-hailing service. According to the New York Times report, Kalanick has resigned after a “shareholder revolt” that made him unable to continue with the company.
On Tuesday, Five of Uber’s major investors demanded that Kalanick should resign immediately. One of the investors included one of Uber’s biggest shareholders, the venture capital firm Benchmark. The investors delivered a letter to the chief executive while he was in Chicago demanding that he steps down.
Mr. Kalanick commented on his resignation saying: “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.”
For more information about Travis’s resignation, read here.