>> Started out Uber it was for me, my cofounder->> Uber chief executive and co-founder Travis Kalanick is out. The 40-year-old who built one of the most influential tech startups of the last decade, announcing Tuesday he would resign under mounting pressure from his investors over his leadership. Reuters Breakingviews editor Jeffrey Goldfarb.
>> It's very unusual in Silicon Valley to see a CEO pushed out like this. Particularly a founder controlled one, as so many of the companies, these startups, are. Travis Kalanick still controls the company. So he was ultimately persuaded that he needed to step down for the good of the company, for the good of their investment, for the good of his investment.
Now, it's not exactly clear how far out he will step. He's still on the board, he still owns the majority of the company. So the fact that he is stepping out as CEO is not indicative of a wholesale change yet. But we are gonna get a new CEO in there who's going to have to work for Travis Kalanick.
>> In a statement, Kalanick saying, 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's departure capping a tumultuous period for the world's largest ride hailing company, including an investigation into allegations of a culture of sexual harassment.
Accusations the company stole tech secrets from Google. And admitting it used software to avoid law enforcement in some cities. All this hanging heavily on a firm valued at $68 billion, still privately held. Its lure for investors diminished by concerns over Kalanick's leadership. The CEO announced last week he would take a leave of absence, but that was not enough for shareholders.
A source telling Reuters a chorus of demands for changes at the top coming from some of the firm's biggest investors ultimately forced Kalanick out. Among them reportedly is Bill Gurley, one of Uber's largest shareholders and a partner at venture capital firm Benchmark. Despite calling for Kalanick's resignation, Gurley praised him on Twitter.
Writing, there will be many pages in the history books devoted to @travisk- very few entrepreneurs have had such a lasting impact on the world.