Travis Kalanick, the founder of Uber, has resigned from his role as chief executive officer.
The move came due to mounting pressure from key investors, according to reports. Kalanick’s frequent missteps became too much of a liability for the company.
Investors, including Fidelity and Menlo Ventures, jointly issued a letter to Kalanick. The letter, titled “Moving Uber Forward,” pointed toward the company’s history of shady business practices and the stories of its toxic corporate culture as problems best solved by a new CEO.
Attrition is high now at Uber, a company without a CFO or CMO, but the transportation giant has still been growing and rumors suggest the company could raise more cash soon at an even higher valuation (Uber most recently raised venture capital at a valuation of nearly $70 billion).
“I love Uber more than anything in the world,” Kalanick told the New York Times. “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 launched Uber in 2009. It is unclear the role Kalanick will now take at Uber, if any. After all, he does retain strong voting power within the company, which, as the NYT points out, was “molded in his image.”