Kalanick resigns as CEO of Uber
Uber CEO Travis Kalanick has resigned due to investor discontent about his leadership. Kalanick’s departure comes in the wake of a series of scandals relating to the corporate culture at Uber, including allegations of widespread sexual harassment. Sources suggested to the New York Times that venture capital firm Benchmark and other investors including First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investors delivered a letter to Kalanick urging him to leave. It is believed that Kalanick will remain on the company’s board.

Travis Kalanick stepped down Tuesday as chief executive of Uber, the ride-hailing service that he helped found in 2009 and built into a transportation colossus, after a shareholder revolt made it untenable for him to stay on at the company.

Mr. Kalanick’s exit came under pressure after hours of drama involving Uber’s investors, according to two people with knowledge of the situation, who asked to remain anonymous because the details were confidential.

Earlier on Tuesday, five of Uber’s major investors demanded that the chief executive resign immediately. The investors included one of Uber’s biggest shareholders, the venture capital firm Benchmark, which has one of its partners, Bill Gurley, on Uber’s board. The investors made their demand for Mr. Kalanick to step down in a letter delivered to the chief executive while he was in Chicago, said the people with knowledge of the situation.