Uber CEO Travis Kalanick resigns following a “shareholder revolt”

This had been in the making for long. After six months of self-inflicted damage including controversies and scandals, Uber CEO and co-founder Travis Kalanick has stepped down from his position following intense pressure from investors, according to the New York Times. Kalanick will, however, stay on the company’s board.

“I love Uber more than anything in the world, and at this difficult moment in my personal life I have accepted the investor's request to step aside so that Uber can go back to building rather than be distracted with another fight,” Kalanick said in a statement to Times.

According to the report, five of Uber’s most prominent investors, including Benchmark, wrote a letter titled “Moving Uber Forward,” which recommended that the CEO must immediately leave and that the company needed a change in leadership.

“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,” one of the board members said in a statement.

The move comes on the heels of Kalanick announcing an indefinite "leave of absence" which was a part of the series of measures taken to bring the company back on track. The company is now missing a CEO, COO, CFO, CMO and many other critical high-level positions.

Though Kalanick played an instrumental role in transforming the company into one big transportation giant, the unfortunate events of last six months created a threat to Uber’s core business. From widespread allegations of sexual harassment, a major lawsuit from Google’s  self-driving car unit, Waymo to Kalanick found misbehaving with an Uber driver, things have only been worsening for the cab-aggregator. The company also recently fired more than 20 employees as a result of a probe into its work culture.

Let's hope that the latest move will end Uber’s troubles, and the company will finally find clear waters to steer ahead.