Uber CEO Travis Kalanick has resigned following months of scandals involving the company. He had earlier taken a leave of absence after his mother's death.
This came after several investors "requested" that he step aside, Kalanick said in a statement. Sources say he would continue as a board member.
In the last few months, the company-leadership has come under fire over several alleged malpractices.
Uber 2.0 should not repeat its past mistakes
Things desperately need a fix
Uber is currently tight-lipped after the entire effort and Kalanick has also refused to answer queries but if this effort falls through, it could be finally buoyed back to its glory days, where it was changing the dynamics of the tightly regulated taxi industry in several countries.
That was before it started flirting with regulations, causing a major uproar among the authorities.
A saga of disasters
The fact that the world's most valuable venture-backed private firm is in a disarray can be attributed to several factors from its highly publicized sexual harassment scandals to high-profile exits, Kalanick's own showdown with an Uber driver and also the quagmire that it has managed to drag itself into with Waymo.
It's almost as if Uber's brakes have come off making it run amok.
Love Business news?
Stay updated with the latest happenings.
A change for the better?
Not undermining the fact that Kalanick is going through a personal trauma after losing his mother; allegations of racial bias, bullying, and retaliation raised by employees while interviewed need to be dealt with a mature hand, which Kalanick seemed to lack.
14 Jul 2017
Nikesh Arora aims for Uber's CEO post, claim sources
Uber's reputation hasn't been a deterrent as the company received many applications for CEO's post.
YouTube's Susan Wojcicki, Twitter's former COO Adam Bain, Virgin America's former CEO David Cush are among others running for the CEO post.
Reddit raising funds, company's valuation to be $1.7bn
22-year-old gets 13kg of poop surgically removed; Shit gets serious!