Travis Kalanick has stepped down as Uber’s chief executive after a shareholder revolt, according to a New York Times report.
Kalanick’s exit comes after hours of drama involving Uber’s investors, in which five of Uber’s major investors demanded he resign immediately. Investors fingered included one of Uber’s largest shareholders, Benchmark. Kalanick was sent a letter with the demand to step down.
Kalanick will still remain on Uber’s board of directors after stepping down.
“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,” said Kalanick in a statement.
Uber’s board said that Mr. Kalanick had “always put Uber first” and that his stepping down as chief executive would give the company “room to fully embrace this new chapter in Uber’s history.”