Uber’s board: CEO resignation is ‘sign of his devotion and love’

The company’s founder stepped down amid increasing pressure from investors. He issued a statement saying he didn’t want Uber to ‘be distracted with another fight.’

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On Tuesday, the company’s former chief executive—who admitted he “need[ed] leadership help“—resigned. He will stay on Uber’s board of directors.

The New York Times reported:

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.

Kalanick told The Times:

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