21.06.201722:16:00UTC+00Uber Says Kalanick Stepped Down amid Investor Pressure

Uber announced CEO Travis Kalanick resigned after grappling pressure from investors, making it no longer untenable for him to spearhead the company amidst a streak of scandals and deadlocks.

People privy to the matter disclosed Kalanick's departure Tuesday came following hours of turmoil revolving the firm's shareholders.

Previously, five main investors sought Kalanick's resignation right away. Sources said the shareholders asked for it in a letter to the Uber chief while he was in Chicago, reiterating the need to restructure the leadership.

Kalanick concurred to give up his post long talks with some shareholders and consulting at least a board member. He will stay as one of board of directors.

Uber emphasized Kalanick has always put great significance on the transport company and the chief executive's move would give a greater space to fully embark on this new phase in their history.