Travis Kalanick resigns as CEO of Uber

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[{"type":"txt","id":"rich_1498035732852","data":"Amid several allegations of sexual misbehavior in the workplace, lawsuits on theft of intellectual property and alleged rape cases by Uber drivers and employees, Uber Technologies Inc co-founder Travis Kalanick has resigned as CEO of the mobile cab service. Report from The New York Times states that this resignation is the outcome of enormous pressure from investors. According to Reuters in a letter titled, \u201dMoving Uber Forward\u201d, 5 major investors of the company stated a need for new leadership in the company. This letter was delivered to Kalanick while in Chicago, who was on an indefinite leave of absence, following the passing of his mother a week ago, on advice from the board. <\/p>Kalanick built his company from a startup into an estimated $17 billion transportation company in the course of 9 years, starting in 2008 when co-founders, Garrett Camp and Travis Kalanick went on a journey to Paris to come up with Uber\u2019s core idea. Over the course of these years of transformation, the company has faced allegations of sexual harassment, inadequate response from the HR department in response to filing cases of unprofessional behavior and a perceived toxic bro-culture, dropping the number of female employees in the company from 25% to 6% between November of 2015 to December of 2016 (according to a blog post by an ex-employee, which you can read here). Also a law suit on theft of intellectual property by Google\u2019s Waymo self-driving car unit, and an executive obtaining the medical records of a woman who was raped by a driver in India<\/p>Kalanick discussed with at least one board member about his demotion for an extended period of time. After which he accepted the companies terms, which allow him to remain a major stake holder in the company and assured him of a board seat for the foreseeable future. In a statement released by Kalanick himself he says <\/p>                                \u201cI 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,\"  <\/p>Uber has been a beacon of flourishing start-ups, even backed to be the next $100 billion dollar company. This comes as a rough blow to their progress, losing a CEO almost always curbs the confidence within the company and also confidence the public has in it. The successor for Travis\u2019 post hasn\u2019t been revealed yet, and it is safe to say it wouldn\u2019t be a cake walk for him or her. <\/p>"}]

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