Uber is hit hard again with resignation of top official

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Uber founder Travis Kalanick resigned Wednesday from his position as CEO after five of the company’s key investors demanded that he step down.

The San-Francisco-based company’s board issued a statement confirming the move in which it said that Kalanick is taking time to heal following the death of his mother in a boating accident “while giving the company room to fully embrace this new chapter in Uber’s history.” Kalanick will remain on the board of Uber Technologies Inc.

According to The New York Times, the key Uber investors demanded Kalanick’s resignation in a letter titled “Moving Uber Forward.”

In a statement to the Times, Kalanick, 40, said, “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’s resignation followed a series of costly missteps under his leadership. On Tuesday, Uber began a 180-day program to revamp its image by allowing riders to tip drivers via the Uber app, a policy the company had resisted under Kalanick.

Uber is working to repair its damaged reputation following revelations of sexual harassment in its offices, allegations of the theft of trade secrets and an investigation into attempts to mislead government regulators.

The statement from Uber’s board asserted that Kalanick had “always put Uber first.”

Fox News reported that “Under Kalanick, Uber has disrupted the taxi industry in hundreds of cities and turned the San Francisco-based company into the world’s most valuable startup. Uber’s valuation has climbed to nearly $70 billion.”

Even so, Kalanick admitted earlier this year that his management style could use improvement and that he needed to “fundamentally change and grow up.”

Kalanick was caught on video earlier in 2016 making profane remarks in an argument with an Uber driver who was complaining about pay. After being published, the video went viral.

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