Uber CEO Kalanick Resigns Amid Investor Pressure

Uber CEO Travis Kalanick resigned as the head of the ride-sharing company on Tuesday.

Uber CEO Kalanick Resigns Amid Investor Pressure

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Uber CEO Kalanick’s decision to resign was made to appease investors that were seeking just such an action. The group of investors sent a letter to Kalanick while he was in Chicago to pressure him into resigning from the company.

Uber CEO Kalanick also confirmed the pressure by saying that he was resigning so as not to start another fight at the company. The Uber CEO said that he accepted the request from investors to leave and that he wants the company to continue moving forward, even without him at its head.

While Uber CEO Kalanick may no longer be the head of the company, he will still be involved with it as part of its board. The push for his resignation came after an investigation into the culture of the company and claims of sexual harassment, reports Reuters.

Uber saw several complaints that there was sexism that wasn’t being addressed. These built up and it was in February that it finally announced that an investigation would take place. The claims said that the company had a “frat culture” to it.

Uber CEO Kalanick’s decision to resign from the company also comes after he had been on a leave of absence. That leave started earlier this month. The reason for the leave was the death of Kalanick’s mother in an accident. He said that he needed time to grieve and to sort himself out before returning to manage the ride-sharing company.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2017/06/uber-ceo-kalanick-resigns/.

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