your password has been reset successfully, Please login again.

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.

Please add your Comment
SIMILAR News
September 18, 2018
Walmart-owned Flipkart is in talks to acquire a stake in Hotstar, Star India’s video streaming servi ...More
By Vaishnavi Gupta
September 18, 2018
UberEats has tied-up with Tata AIG for offering comprehensive insurance covers to its delivery execu ...More
By Vaishnavi Gupta
September 17, 2018
Fluido is the second entity which will be acquired under the leadership of Salil Parekh. ...More
By Ritu Marya
September 14, 2018
The move will ramp up its online grocery business in Mexico and Chile. ...More
By Vaishnavi Gupta
September 13, 2018
The raised funds will be used to build the brand, expand distribution, and increase product offering ...More
By Vaishnavi Gupta
September 12, 2018
It is an all-cash deal, however, the company has not disclosed the financial details of the transact ...More
By Vaishnavi Gupta
September 11, 2018
This partnership will include developing and delivering conversational AI platform for global enterp ...More
By Vaishnavi Gupta
September 10, 2018
Infosys will hold a 60% stake in the JV, while Temasek will acquire 40%. ...More
By Vaishnavi Gupta
September 07, 2018
New funds enable GreyOrange to accelerate the fulfillment of its vision to develop the next generati ...More
By Vaishnavi Gupta
September 06, 2018
JSW Steel and promoters have bought around 88% stake in the Monnet Ispat and Energy Ltd (MIEL). ...More
By Vaishnavi Gupta
September 06, 2018
The new infrastructure fund exceeds its initial target of $5 billion. ...More
By Vaishnavi Gupta
September 05, 2018
Miles Software provides wealth and asset management on-demand software to banks, asset managers and ...More
By Vaishnavi Gupta