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Uber Chief Travis Kalanick Resigns From Ride-Sharing Startup

Bloomberg logoBloomberg 21-06-2017 Eric Newcomer
Travis Kalanick, co-founder and chief executive officer of Uber Technologies Inc., speaks during th TiE Global Entrepeneurs Summit in New Delhi, India, on Friday, Dec. 16, 2016. Kalanick said the company will introduce Uber Moto across India.: 1490713538_Travis-Kalanick © Bloomberg/Bloomberg 1490713538_Travis-Kalanick

(Bloomberg) -- Uber Technologies Inc. Chief Executive Officer Travis Kalanick has resigned, capping a series of controversies that have rocked the world’s largest privately backed startup.

The company confirmed Kalanick’s departure from the top executive’s role Tuesday, after the New York Times reported major backers including Benchmark Capital demanded he resign. Kalanick will remain on the board of directors, the newspaper said.

Travis Kalanick.: Key Speakers At Noah Technology Conference © Bloomberg/Bloomberg Key Speakers At Noah Technology Conference

While Uber has become the world’s most valuable startup, it’s been dogged by drama including allegations of sexual harassment and the use of software to bypass regulators. The ouster of the man who founded Uber in 2009 comes after a series of controversies shone a light on problems with the famously aggressive startup’s culture and governance.

As Uber’s public face, Kalanick has embodied the startup’s success. Earlier this month, he told staff of plans for a leave of absence, leaving the company to be run by a management committee. Despite recent turmoil, Uber’s business is growing. Revenue increased to $3.4 billion in the first quarter, while losses narrowed -- though they remain substantial at $708 million.

To contact the reporter on this story: Eric Newcomer in San Francisco at enewcomer@bloomberg.net.

To contact the editors responsible for this story: Robert Fenner at rfenner@bloomberg.net, Edwin Chan

©2017 Bloomberg L.P.

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