In light of the negative corporate culture in the company over the past several months, Uber’s biggest investors demanded that founder and CEO Travis Kalanick step down from his position.
Kalanick Photo credit: Reuters/ Channel 2 News
Today (Wednesday), as reported by The New York Times, Uber founder and Chief Executive Officer (CEO) Travis Kalanick resigned. The resignation came after a shareholder revolt that resulted from months of negative corporate governance in the company. Kalanick was forced to announce his resignation after a number of investors, including one of the company’s biggest investors, demanded that he step down.
In a letter titled “Moving Uber Forward,” the investors explained to Kalanick that the transport company must change its leadership. “I love Uber more than anything in the world,” Kalanick stated. “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.”
Kalanick’s problems began earlier this year, when a former engineer complained that her supervisor sexually harassed her. Her complaint opened the gate to many other complaints against the company and its corporate culture. At the same time, Uber has been facing a huge intellectual property lawsuit from Google’s subsidiary Waymo, an autonomous car development company.