Travis Kalanick, co-founder and CEO of Uber has stepped down as Chief Executive Officer of the ride-hailing service late Tuesday night, following intense pressure from investors.
The 40-year-old CEO resigned after receiving a letter from some of the largest investors in the company including First Round Capital, Lowercase Capital, Menlo Ventures, Fidelity Investments and Benchmark Capital.
According to anonymous sources, the letter, titled “Moving Uber Forward,” asked that the CEO leave immediately but also help in the search for his successor as well as a chief financial officer, a position which has been vacant for a few years now.