Uber CEO Travis Kalanick Resigns

Travis Kalanick

Following sustained pressure from shareholders, Travis Kalanick has resigned as the chief executive of Uber, a company he co-founded.

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The 40-year-old, with an estimated net worth of US$6.3 billion, as of March 2017, will remain on the board of the firm.

His resignation follows demands from investors for him to step down amid scandals including allegation of sexual harassment against him.

Mr. Kalanick last week said he was going on an indefinite leave of absence following the death of his mother in a boating accident.

Five major Uber investors demanded Kalanick’s immediate resignation in a letter on Tuesday, with the billionaire heeding to their demand, saying he was resigning in the interest of the company.

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In a statement released late last night, 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.”

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