Uber CEO Steps Down after Investors Call for Resignation

Published on: 21 Jun, 2017

Five of Uber Technologies Inc.’s major investors who’ve put $15 billion into the company have convinced CEO Travis Kalanick to resign, but he will still remain on the board of directors.

The investors, including Fidelity Investments and Benchmark, sent a letter titled “Moving Uber Forward” to Kalanick, asking him to step down from the company that has burned through billions of their dollars.

While Kalanick generated $20 billion for Uber last year, his recurring role in several of the company’s scandals was enough reason for investors to call for his resignation. He has questioned the legitimacy of a rape charge against an Uber driver, called the company “Boob-er,” and titled corporate values “Let Builders Build, Always Be Hustlin’, Meritocracy and Toe-Stepping, and Principled Confrontation.”

In an exit statement, the former CEO stated, “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.”

Uber said of Kalanick, “This is a bold decision and a sign of his devotion and love for Uber. By stepping away, he’s taking the time to heal from his personal tragedy while giving the company room to fully embrace this new chapter in Uber’s history.”

The company will not only have to hire a new CEO, but they are also searching for a chief operating officer, an independent board chair, a chief marketing officer, and a general counsel.

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Austin Chiu

Email: Austin@financialinsiders.com

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