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Uber CEO Travis Kalanick speaks to students during an interaction at the Indian Institute of Technology (IIT) campus in Mumbai, India, January 19, 2016. REUTERS/Danish Siddiqui/File photo

Uber founder Travis Kalanick resigns as CEO: Report

NEW YORK: Founder of ride-hailing company Uber Travis Kalanick resigned as CEO on Wednesday (Jun 21) after a shareholder revolt made it untenable for him to stay, the New York Times (NYT) reported.

Kalanick had earlier taken a leave of absence following a months-long investigation led former US Attorney General Eric Holder, who was hired by Uber to look into its culture and workplace practices after a female former employee publicly accused the company of what she described as brazen sexual harassment.

On Jun 13, Uber released the recommendations from that report, which include reducing Kalanick’s sweeping authority and instituting more controls over spending, human resources and the behaviour of managers.

Kalanick quit completely on Tuesday after five of the company’s major investors demanded his departure, the NYT citing two people with knowledge of the situation.

The investors, who made their demand in a letter, include one of Uber’s biggest shareholders, the venture capital firm Benchmark, it said.

Uber grew to a valuation of US$68 billion in seven years amid non-stop controversy. It has upended the tightly regulated taxi industry in many countries and changed the transportation landscape, but has run into legal trouble with a rough-and-tumble approach to local regulations and the way it handles employees and drivers.

Source: CNA/Agencies/rw

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