Uber’s chief Travis Kalanick quits following a revolt from shareholders demanding he resigns


Here’s what happened

Kalanick who founded Uber in 2009 has quit the minicab firm after a serious of complaints over working culture and shareholders revolted over his leadership.

The New Times reported that Lowercase Capital, Benchmark, Menlo Ventures, First Round Capital and Fidelity Investments all wrote a letter called “Moving Uber Forward,” demanding that Kalanick steps down from being the CEO.

The five big investors further demanded that there is to be appointments of “truly independent directors” and the company is to find a proper experienced head of finance, Kalanick will however, remain on the board.

A spokesman for Uber said: “Travis has always put Uber first. 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.

“We look forward to continuing to serve with him on the board.”

In a statement Kalanick said: “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.”