Uber CEO Travis Kalanick resigns

On Tuesday, Uber founder Travis Kalanick resigned as CEO of the company, following a shareholder revolt.

Two people with knowledge of the situation told The New York Times that earlier in the day, five of Uber's biggest investors delivered a letter to Kalanick, calling on him to immediately step down so new leadership could take over. After talking with some of the investors, Kalanick agreed to resign, but he will stay on the company's board of directors. Uber has been dealing with allegations of sexual harassment at the company, lawsuits, and a federal inquiry into a tool it used to avoid law enforcement in places where Uber wasn't allowed to operate.

Last week, Kalanick, whose mother died in a boating accident in May, took an indefinite leave of absence. In a statement, Kalanick said he "loves 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." The company's board released its own statement, which said Kalanick "always put Uber first," and by stepping aside, he is giving Uber "room to fully embrace" a new chapter in its history.

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