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Uber CEO, Founder Travis Kalanick Resigns

Whoever replaces Travis Kalanick as CEO of Uber Technologies Inc. had better be more than just a good manager.On Tuesday, the founder and CEO of successful tech and transportation company Uber officially resigned from his position, a decision which came in response to calls for his resignation from numerous company’s investors.The investors made their demand for Mr. Kalanick to step down in a letter delivered to the chief executive while he was in Chicago, said the people with knowledge of the situation. Kalanick agreed to the demands but will remain on the company’s board of directors.Late Tuesday evening, Uber CEO and founder Travis Kalanick resigned.Uber has continually come up against major roadblocks concerning its treatment of customers and employees.The image Kalanick gained of an aggressive leader seeking to grow his company at any cost became an increasing burden as Uber’s difficulties mounted.Uber is having a rough 2017 and the announcement Tuesday of the resignation of CEO Travis Kalanick felt to many like the natural culmination of these events. But with Uber valued at $US70 billion ($92.6 billion), the risk was no longer worth it.Kalanick’s departure caps a tumultuous period for the world’s largest ride-services company that has revolutionized the taxi industry and challenged transportation regulations worldwide.February 23 – Google spinoff Waymo sues Uber, claiming the ride-hailing company stole its self-driving auto technology.”Uber needs to keep the persona and the vision that brought it this far, but they also need to bring in professional management”, said Max Wolff, a market strategist at 55 Institutional.That is only the beginning of Kalanick and Uber’s struggles however.Kalanick said earlier this month he was taking an indefinite leave of absence, in part to deal with a personal tragedy.At least two prominent female executives have already taken their names out of the running: Facebook’s Chief Operating Officer Sheryl Sandberg and Arianna Huffington, a current member of Uber’s board.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“.