Uber CEO Travis Kalanick driven out of company by investors

Uber Technologies Inc Chief Executive Travis Kalanick, co-founder of one of the most influential technology companies of its generation, resigned on Tuesday under pressure from investors after a string of setbacks

Travis Kalanick. Pic/AFP

Uber Technologies Inc Chief Executive Travis Kalanick, co-founder of one of the most influential technology companies of its generation, resigned on Tuesday under pressure from investors after a string of setbacks.

Ultimately, it was some of Uber's main investors who forced Kalanick out, according to a source familiar with the matter. Venture capital firm Benchmark, whose partner Bill Gurley is one of Uber's largest shareholders and sits on its board, plus investors First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investments, all pressed Kalanick to quit.

Kalanick's departure caps a tumultuous period for the world's largest ride-services company. The 40-year-old's pugnacious style largely defined Uber's approach and helped it become a transportation colossus valued at $68 billion, the largest private firm backed by venture capitalists in the world.

"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 an email to employees that was provided to Reuters. Kalanick's departure widens an already gaping hole at the top of Uber which has no chief operating officer, chief financial officer or general counsel at the moment. For now, 14 people who reported to Kalanick are running Uber.

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