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Investor’s Pressure made Travis Quit Uber

The departure of Travis Kalanick as Uber's CEO showcases investors as catalysts to start-ups.
BY BEx Bureau
BusinessEx
Jun 22, 2017

The abrupt exit of Travis Kalanick, Ubers CEO under pressure from investors after a series of hindrances is a wake-up call for everybody in the ecosystem as per industry specialists.

Analysts also predicted that departure of Travis may hit companys growth in the short term at Uber India and boost Olas chances of retaining its market leadership.

The person who still best personifies Ubers potential is the person who left Tuesday night, said Bradley Tusk, an Uber investor, and adviser.

Two investors were on a plane to deliver the news that they wanted the chief executive officer gone, while Travis Kalanick was in Chicago interviewing a candidate to be his deputy at Uber Technologies Inc.

Matt Cohler and Peter Fenton, partners at venture capital firm Benchmark, hand-delivered a letter urging Kalanicks resignation, people familiar with the matter said.

The memo was signed by five major backers, who account for as much as 40% of shareholder votes.

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 by another fight, said Kalanick.

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