Uber CEO Travis Kalanick resigns

21/06/2017 Argaam

Uber Technologies Inc chief executive officer Travis Kalanick resigned on Tuesday, news agencies reported.

 

Kalanick, who co-founded the ride-sharing company, was said to have been facing increasing pressure from investors over his leadership.

 

“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 was quoted as saying by The New York Times.

 

Last year, Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in Uber, with the US-based company committing to invest $250 million in the MENA region.

 

PIF investment also made way for Yasir Al Rumayyan, a managing director at the Saudi fund, to take a seat on Uber’s board.

 

Privately held Uber is said to be valued at $68 billion.

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