Uber founder Travis Kalanick resigns as CEO

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Without Kalanick, the lack of leadership at Uber is even more apparent.

With Travis Kalanick's resignation as chief executive of Uber, the company's board is now tasked with finding a new leader to help the company turn the page after a scandal-fueled 2017. The investors demanded Kalanick's resignation in a letter delivered to him while he was in Chicago.

Travis Kalanick was one of the main founders of Uber in 2009 and his departure was caused by a multitude of pressures within the company and personal difficulties.

In the case of Uber - one of the most highly valued private companies in the world - investors could lose billions of dollars if the company were to be marked down in valuation. Uber board member, David Bonderman also resigned from his position, after making a sexist remark during a meeting.

It is not known publicly how much of Uber Kalanick owns, but he has until now wielded near-total control of the company, made possible by a dual-class share structure that gives him and key allies 10 votes per share.

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Earlier this month, Uber fired more than 20 employees following its internal investigation over sexual harassment, discrimination and unprofessional behavior. I will continue to serve on the board, and will be available in any and all ways to help Uber become everything we've dreamed it would be.

Others say Uber is a big enough company now that it needs a different leadership style.

Just last week, Kalanick had announced that he was taking an indefinite leave of absence, although we now know that he's relinquishing the CEO title. Shortly after, the tech company founder was shown on video berating an Uber driver over his declining fares.

Holder said that Uber should "review and reallocate the responsibilities of Travis Kalanick" and search for a chief operating officer who would work closely with the new CEO to improve Uber's corporate culture. The U.S. Justice Department is investigating Uber's past usage of phony software created to thwart local government regulators who wanted to check on whether Uber was carrying passengers without permission.

Outside experts said the only way to change Uber's culture was for Kalanick to step aside.

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