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Uber CEO Travis Kalanick Has Resigned Due To Investor Pressure

Travis Kalanick has resigned as chief executive of Uber after pressure from investors, ending eight years of leading the ride-hailing company that has expanded round the globe but became mired in controversies. From a report: Kalanick had become a giant liability to the car-hailing company for a growing number of reasons, from sketchy business practices to troubling lawsuits to a basic management situation that was akin to really toxic goat rodeo. Thus, he had to go, even though some sources said he had the voting power to stay. But big investors also have leverage and a big enough group of them joined to use it. Those investors include Benchmark, Fidelity and Menlo Ventures, all of whom sent Kalanick a joint letter called “Moving Uber Forward” on Tuesday afternoon. Interestingly, Google Ventures was not among the group, even though its parent company Alphabet is now in a major lawsuit with Uber over the alleged theft of self-driving car technology from its Waymo unit.

Read more of this story at Slashdot.

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