Uber founder and one-time poster boy for the sharing economy Travis Kalanick has formally resigned as CEO of the ride sharing giant.
Kalanick said he would take an indefinite leave of absence amid a string of missteps and PR disasters in recent months, but now his hand has been forced by an apparent shareholder revolt.
A group of five major investors demanded he resign immediately, the New York Times reported.
He will remain on Uber’s board of directors.
"I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight," Kalanick said in a statement.
It caps a particularly rocky period for the billion-dollar startup, which was exposed for a corporate culture rife with sexual harassment and discrimination, while the lawsuits have been piling up for a range of issues from intellectual property violations to short changing drivers.
There is even a criminal probe by the Department of Justice.
A Uber statement said: "Travis has always put Uber first. This is a bold decision and a sign of his devotion and love for Uber. By stepping away, he’s taking the time to heal from his personal tragedy while giving the company room to fully embrace this new chapter in Uber’s history. We look forward to continuing to serve with him on the board."
Kalanick’s mother died last month in a boating accident.
