Uber CEO Travis Kalanick resigns under pressure

World
Europe

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

Kalanick's departure caps a tumultuous period for the world's largest ride-service company that has revolutionized the taxi industry and challenged transportation regulations worldwide.

Kalanick's pugnacious style largely defined Uber's approach and helped it become a transportation colossus valued at 68 billion US dollars, the largest private firm backed by venture capitalists in the world.

But that brashness has also been blamed for a string of scandals this year, from the unearthing of a culture of sexism and bullying at Uber to a US Department of Justice federal investigation and a high-stakes lawsuit filed by Alphabet Inc's autonomous car division, Waymo, that threatens Uber's self-driving car ambitions.

For Jasper Lawler, senior market analyst at London Capital Group, there was a sense there had been too much scandal at Uber. "It's started to get to the point where he himself as CEO and the departure of a few executives at Uber is... distracting the company from its main mission."

It is not clear who will be Uber's new CEO, but the next leader will likely be tasked with making the company profitable and paving the way to an initial public offering, said executive recruiters.

(Source: Reuters, CGTN)