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He’s Out: Uber CEO Travis Kalanick Has Resigned

Travis Kalanick, chief executive at the ride-hailing tech giant Uber, has announced he will be stepping down from his current position following months of crisis at the company.What happened: Five Uber investors – Benchmark, First Round Capital, Fidelity Investments, Lowercase Capital and Menlo Ventures – yesterday sent a letter to Kalanick, asking for his resignation. Uber CEO and lactation meditator Travis Kalanick has resigned after taking an indefinite leave of absence eight days ago.Uber’s founder Travis Kalanick has reportedly vacated his role as CEO, following a string of scandals at the auto service company. Kalanick will remain on Uber’s board of directors and hand over day-to-day operations to a committee of more than 10 executives. Valued at around $70 billion, Uber is one of the largest private companies in the world.Uber’s board plans to approach Facebook operating chief Sheryl Sandberg about filling its newly vacant CEO spot, The Post has learned.A key step toward Kalanick’s downfall came in February, when former Uber engineer Susan Fowler posted a personal essay about the year she spent at Uber, writing that she was propositioned by her manager on her first day with an engineering team. They also demanded that Uber immediately hire an experienced chief financial officer.Now that Kalanick is out, it will be important to see whether Uber’s culture at its root changes under new leadership.Outside experts said the only way to change Uber’s culture was for Kalanick to step aside.What followed was a mountain of scandals, including a criminal investigation into Uber’s use of technology to evade regulators in certain cities and a trade secrets lawsuit filed by Alphabet’s self-driving division, Waymo.But outside experts said the CEO had to go.Recent hits to the company’s reputation include a $20 million settlement over driver earnings, a federal investigation into its software created to skirt local government regulations, a lawsuit by Google’s Waymo alleging that Uber stole details about its self-driving technology, and the firing of 20 employees and Uber’s senior vice president after an investigation into the company’s culture reported systemic problems with sexism and harassment.Holder also recommended that COO candidates have backgrounds in diversity and inclusion, saying that would reinforce “actions resulting from recommendations. relating to tone at the top and the need to focus on diversity and inclusion at Uber“. “Uber is not done with the vision thing, and to that point it’s important people fully appreciate Travis’ ambitions”. These firms own over a quarter of Uber’s stock, and they have about 40% of the company’s voting power, since the kind of stock they hold allows them “with an outsize number of votes”.