Uber CEO Kalanick Relinquishes Power After an Investor Mutiny
Pressure from investors, who‘ve poured more than $15 billion into a company that has burned through billions, ultimately did what the board could, or would, not: it convinced the 40-year-old chief executive to step aside. Five of Uber‘s major investors, including Fidelity and Benchmark, asked Kalanick to step aside in a letter to him entitled „Moving Uber Forward,“ according to people familiar with the matter.
Kalanick, who grew Uber‘s bookings to $20 billion last year, has played a starring role in most of its controversies.
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