Uber Technologies’ CEO Travis Kalanick, 40, has stepped down from his role. He will continue to serve on the board of directors. Five of the major shareholders in the company – Benchmark Capital, Fidelity, First Round Capital, Lowercase Capital and Menlo Ventures, demanded the CEO’s resignation.
Kalanick co-founded Uber in 2009 and led it to be the largest U.S. ride-hailing service and among the biggest globally. Prior to Uber, he co-founded Red Swoosh in 2001 that specialized in file-sharing technology and managed to sell it to Akamai Technologies for nearly $19 million in 2007. Before Red Swoosh, he co-founded Scour with his UCLA batch mates in 1998 which offered an Internet search engine and file-sharing services.