Travis Kalanick, the founder of the revolutionary ride sharing business Uber, is officially stepping down as the companies’ CEO. Kalanick started Uber in 2009, turning an innovative idea into an estimated $50 billion in value.
Kalanick’s resignation comes on the heels of a series of scandals that have plagued the company in recent years including spamming competitors, spreading fake accusations about critical journalists, false advertising, and a sexual harassment schedule.
Social media backlash has been enormous. The #DeleteUber campaign began after Uber engaged in what’s known as surge pricing, raising fares during times of periods of high demand, after Trump’s travel ban went into effect. Half a million customers deleted the Uber app as a result.
The company has also been criticized for underpaying its employees and spying on competitors, namely Lyft.
It wasn’t customer pressure that finally drive Kalanick out, however, it was pressure from shareholders. Five of Uber’s major investors demanded on Tuesday that he resign immediately.
The company’s board confirmed Kalanick’s resignation on Thursday, saying his resignation will “give the company room to fully embrace the next chapter in Uber’s history.”
While the 40 year old Mr. Kalanick will no longer lead Uber, he will remain on the company’s board of directors.
“I love Uber more than anything in the world and 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 said in a prepared statement.