Uber CEO Travis Kalanick resigns

Problems for the world’s most valuable start, Uber, is far from over. After a long debate, discussion, speculation, stories, investigation, developments, Uber’s Founder & CEO Travis Kalanick has resigned from the post of Chief Executive Officer (CEO). He is the second top executive in the company who is axed within a week.

It was just last week when Kalanick decided to go on leave in a bid to reinvent himself, calling it as Kalanick 2.0. Addressing to all the employees of Uber, in his email, Kalanick stated that it’s high time to him to revisit company’s strategy, management and himself. He cited Uber 2.0 as a reason behind his leave.

Within a week, however, the table has turned drastically for Kalanick, apparently. Looks like investors were not satisfied with Kalanick’s decision to go on indefinite leave. According to some unknown sources, who claimed to witness the high-voltage drama at Uber which has resulted in Kalanick’s resignation two investors were quite adamant about Kalanick’s resignation from the post of CEO.

On Tuesday, five investors, including one of the biggest shareholders, of Uber demanded an immediate resignation from Kalanick and own the responsibility of bringing damages to Uber’s brand reputation worldwide.

The most surprising element is the way investors asked Kalanick to step down. A letter from investors was delivered to the chief executive while he is in a Chicago, people familiar with the matter informed. This clearly highlights the urgency and mindset of Uber’s investors against Mr. Kalanick.

Initially, even after receiving the letter, Mr. Kalanick was hesitant to step down the person familiar with the matter said. However, he spoke to one couple of the board members and investors before agreeing on his exit.

In the letter investors clearly stated that it’s the time when Uber needs a major reshuffle in management, and it’s time for Mr. Kalanick to bid adieu. His decision has led to the questioning who would eventually lead Uber.