Thu, Jun 22, 2017 - Page 10 News List

Uber CEO Kalanick resigns following investors’ pressure


Uber Technologies Inc chief executive officer Travis Kalanick resigned, capping a series of controversies that have rocked the world’s largest technology start-up and exposed fundamental problems with its male-dominated culture.

The man most closely identified with the ride-hailing giant’s meteoric global ascent said he was ceding to investors’ wishes that he step aside, in part to avoid yet another conflict.

Uber’s been dogged by drama this year, from allegations of sexual harassment to the use of software to bypass regulators.

The outgoing CEO joins a string of departures, including the company’s chief business officer Emil Michael and president Jeff Jones.

Kalanick admitted his leadership failings after Bloomberg posted a video showing the executive arguing with an Uber driver, an incident that helped shore up resentment among its drivers.

His departure comes weeks after the death of his mother in a boating accident.

“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,” Kalanick said in a statement.

He is to remain on the board of directors, Uber said separately.

Kalanick’s resignation was reported earlier by the New York Times.

Despite recent turmoil, Uber’s business is growing. Revenue increased to US$3.4 billion in the first quarter, while losses narrowed — though they remain substantial at US$708 million. Kalanick remains a billionaire given his stake in the company, with a net worth of US$6.7 billion according to the Bloomberg Billionaire’s Index. Uber itself has been valued at US$69 billion.

“This is a bold decision and a sign of his devotion and love for Uber,” Uber’s board of directors said in an e-mailed statement about Kalanick.

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