Uber CEO and co-founder Travis Kalanick resigned Tuesday, June20 under pressure from investors.
In a statement, the 40-year-old co-founder said his resignation would help Uber go back to building “rather than be distracted with another fight,” an apparent reference to efforts on the board to oust him.
The move comes as the world’s largest ride-hailing company, UBER was having trouble morphing from a free-wheeling startup into a mature company that can stanch losses and post consistent profits.
After eight years of phenomenal growth by upending the taxi business, Uber had reached a point where the culture that created the company had become an albatross that threatened to kill it.