Uber CEO Travis Kalanick quits

Uber Technologies Inc. chief executive officer Travis Kalanick has resigned, capping a series of controversies that have rocked the world’s largest privately backed start-up & Silicon valley's favorite child.
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The company confirmed Kalanick’s departure from the top CEO’s role Tuesday, after the New York Times reported major backers including Benchmark Capital demanded he resign. Kalanick will remain on the board of directors, the newspaper said. Its rumored that the move was actually the outcome of constant pressure from the investors.

While Uber has become the world’s most valuable start-up, it’s been dogged by drama including allegations of sexual harassment and the use of software to bypass regulators. The ouster of the man who founded Uber in 2009 comes after a series of controversies shone a light on problems with the famously aggressive startup’s culture and governance.

As Uber’s public face, Kalanick has embodied the start-up’s success. Earlier this month, he told staff of plans for a leave of absence, leaving the company to be run by a management committee. Despite recent turmoil, Uber’s business is growing. Revenue increased to $3.4 billion in the first quarter, while losses narrowed—though they remain substantial at $708 million.

For World News visit Tokyo Mirror

About Nihar Pradhan

An Entrepreneur at heart, Likes to be "Free but Busy"...


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