Uber’s co-founder steps down amidst multiple scandals
Travis Kalanick, the co-founder and CEO of Uber, is stepping down after leading the world’s largest ride-sharing platform for over six years. At the age of 43, Kalanick is resigning from his position. Kalanick took over as CEO after his predecessor was removed just a year into the role, with the former CEO remaining as a director. Kalanick stated through an official Uber announcement, “As the decade comes to a close and with the company now being public, I feel it is the right time for me to concentrate on my current business and philanthropic activities.”
In recent times, Kalanick has been selling most of his Uber shares, offloading approximately $2.5 billion worth of stock, representing about 90% of his ownership in the company, within a span of two weeks. Pressure has been mounting on Kalanick from investors to step aside due to various ongoing controversies surrounding Uber. Issues such as alleged instances of sexual harassment and bullying within the company, a legal dispute with Alphabet regarding trade secrets, regulatory challenges, and concerns over driver compensation have all been weighing heavily on Uber. Investors are particularly worried about the need for a reputation overhaul and brand mending.
Despite the criticisms, Kalanick’s departure from Uber has been met with appreciation from board members. Kalanick has moved on to oversee CloudKitchens, a platform that rents kitchen space to chefs. Moreover, he recently secured a $400 million investment from Saudi Arabia for his new venture.
