Uber Co-founder Travis Kalanick Has Resigned As Ceo, Report Says

Uber co-founder Travis Kalanick stepped down as chief executive of the ride-hailing service, following intense pressure from investors, a company spokesman said on Wednesday. Kalanick’s resignation comes after a months-long investigation led by former U.S. Attorney General Eric Holder, who was hired by Uber to look into its culture and workplace practices after a female former employee publicly accused the company of what she described as brazen sexual harassment. Five large investors, including venture capital firm Benchmark, demanded that the CEO resign immediately in a letter delivered to Kalanick while he was in Chicago, the New York Times reported citing people with knowledge of the situation. In the letter, titled “Moving Uber Forward,” the investors also said the company needed a change in leadership. Read More: Uber Fail: Upheaval at the World’s Most Valuable Startup is a Wake-Up Call For Silicon Valley Kalanick discussed with at least one Uber board member and after hours of discussions with some of the investors, he agreed to step down, the report said.