Uber CEO Travis Kalanick resigns following the demands made by investors

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Uber CEO Travis Kalanick has finally resigned following the demands made by the key investors for a change of leadership. Benchmark, Fidelity and Menlo Ventures had recently asked for his resignation by sending him a joint letter titled "Moving Uber Forward."

Uber CEO Travis Kalanick resigns after the demands made by investors

The letter came as a consequence of many factors from sketchy business practices to troubling lawsuits to management issues withing the company. While Kalanick had the voting power to stay, he succumbed to the pressure. "I have accepted the investors' request to step aside so that Uber can go back to building rather than be distracted with another fight," said Kalanick in a statement to the New York Times.

The move made by him has not been received nicely by many as they think that Kalanick should have stayed to clean up the mess he created.

It is worth pointing out that Google Venture didn't demand his resignation even though its parent company Alphabet is in a legal fight with Uber. For those unaware, Alphabet filed a case against Uber accusing them of stealing the self-driving car technology from its Waymo unit.

Other than that, Susan Fowler, a former Uber engineer had accused the company of sexual harassment. Basically, the company found itself in hot waters.

Now that Kalanick is gone, the search for the new CEO of Uber has already begun. Some of the names that are being considered are Former Disney COO Tom Staggs, CVS' Helena Foulkes and a range of media and transportation execs. Currently, Uber doesn't have a CFO, CMO and Head of Engineering as well.

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