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Chief Executive of Uber Resigns

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Travis Kalanick has resigned as the chief executive of Uber, the ride-hailing startup he co-founded and turned into a global tech giant.

Kalanick had already taken leave from the company last week for personal reasons, leaving Uber’s day-to-day management to a committee of more than 10 executives. However, the move failed to defuse a growing crisis over his leadership and demands from investors that he resign.

“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 late Tuesday, according to an Uber spokesperson.

The move caps months of questions over the leadership of Uber, which has become a prime example of Silicon Valley start-up culture gone awry. The company has been exposed this year as having a workplace culture that is rife with harassment and discrimination, and has pushed the envelope in dealing with law enforcement and even partners.

Uber has been trying to move past its difficult history, which has grown inextricably tied to Mr. Kalanick. In recent months, Uber has fired more than 20 employees after an investigation into the company’s culture, embarked on major changes to professionalize its workplace, and is searching for new executives including a chief operating officer.

Uber, which has raised more than $11 billion from investors since its founding in 2009, has a wide base of shareholders which include TPG Capital, the Public Investment Fund of Saudi Arabia, mutual fund giants like BlackRock and wealthy clients of firms like Morgan Stanley and Goldman Sachs.

Posted on: 2017-06-21T12:26:00+05:00

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