Uber CEO Kalanick Resigns Under Investor Pressure

Travis Kalanick, the combative and troubled CEO of ride-hailing giant Uber, resigned Tuesday under pressure from investors.

The company’s board confirmed the move early Tuesday, saying in a statement that Kalanick is taking time to heal from the death of his mother in a boating accident -while giving the company room to fully embrace this new chapter in Uber’s history.” He will remain on the Uber Technologies Inc. board.

In a statement, Kalanick said his resignation would help Uber go back to building -rather than be distracted with another fight.”

The resignation came after a series of costly missteps by Kalanick and the fast-growing company that he helped found eight years ago. Uber on Monday embarked on a 180-day program to change its image by allowing riders to give drivers tips through the Uber app, something the company had resisted under Kalanick.

The San Francisco-based company is trying to reverse damage done to its reputation by revelations of sexual harassment in its offices, allegations of trade secrets theft and an investigation into efforts to mislead government regulators.

Uber’s board said in a statement that Kalanick had -always put Uber first.”

While building the world’s biggest ride-hailing service, Uber developed a reputation for ruthless tactics that have occasionally outraged government regulators, drivers, riders and its employees.

The company’s hard-charging style has led to legal trouble. The U.S. Justice Department is investigating Uber’s past usage of phony software designed to thwart regulators.

Uber also is fighting allegations that it relies on a key piece of technology stolen from Google spin-off Waymo to build self-driving cars.
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