Amid several scandals, Uber’s co-founder is stepping down.
Uber’s co-founder and Chief Executive is leaving his position after more than six years at the helm of the world’s largest ride-sharing platform. 43-year old Travis Kalanick is stepping down after six years. Kalanick had himself taken the position of Chief Executive after his old counterpart was ousted just one year into his job. His counterpart was able to stay involved in the company as one of the directors. “At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits,” Kalanick said through an Uber statement.
Kalanick has recently been selling off most of his shares in Uber. He sold off about $2.5 billion in stock, about 90% of his stake in the business, in just two weeks. Kalanick has been facing pressure from investors to step down as several ongoing controversies have been haunting Uber. Ongoing concerns over an alleged culture of sexual harassment and bullying at Uber, along with a dispute with Alphabet over trade secrets, have bogged the company down. There are also regulatory concerns over the nature of the business and concerns over the pay its drivers receive for their work. The ultimate concern from investors is that the company’s image is in need of change and repair.
Kalanick will move on from Uber, and his legacy has been praised by board members. Kalanick now runs CloudKitchens, a platform for renting kitchen space to chefs. He has recently received a $400 million Saudi investment for the startup.