Travis Kalanick is stepping down from his post as CEO of Uber, effective immediately, The New York Times reported early Wednesday. Kalanick’s exit came after a shareholder revolt reportedly made it untenable for him to stay at the company he founded in 2009. Investors called for the change in leadership in a letter that was delivered to Kalanick in Chicago and obtained by Times reporter Mike Isaac. In a statement, Kalanick said he planned to step aside as requested. The embattled former CEO built the ride-hailing company from a scrappy startup into a taxi-killing behemoth valued at nearly $70 billion.

Source: Huffington Post June 21, 2017 05:48 UTC