Uber CEO Travis Kalanick Resigns

Travis Kalanick Embattled founder Of ride-hailing app stepped down Tuesday as chief executive of Uber,  Due to Under pressure from investors at a pivotal time for the company.
Mr. Kalanick’steeped down under pressure from five of Uber's largest investors . According to two people with knowledge of the situation, who asked to remain anonymous because the details were confidential.
Earlier on Tuesday, five of Uber’s major investors demanded that the chief executive resign immediately.The investors included one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board.
"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,” Kalanick said in a statement.
The resignation comes just one week after Kalanick began an indefinite leave of absence amid efforts to bring about wholesale change of Uber’s corporate culture. Though Uber had long had a reputation for defying rules and regulations, the company faced a new kind of crisis in February when a former employee published a blog post describing a workplace rife with gender discrimination and sexual harassment.
Uber’s board said in a statement that Kalanick had “always put Uber first.”
But under Kalanick, the company developed a reputation for ruthless tactics that have occasionally outraged government regulators, drivers, riders and employees. The company often flouted city regulations for taxi companies with a culture that encouraged “Principled Confrontation.”
Kalanick took an indefinite leave of absence earlier this month, in part to deal with a personal tragedy. In May, his mother was killed and his father hurt in a boating accident on a California lake.
Uber was having trouble dealing with its success. It posted a $708 million first-quarter loss, unable to turn $3.4 billion in revenue into a profit. The loss narrowed from the $991 million it posted in the previous quarter.Investors have talked about selling stock in Uber to the public. The company was valued at near $70 billion the last time it sought capital.