Uber CEO Travis Kalanick quits under investor pressure

After coming under pressure from a series of controversies, world's one of the largest startups Uber Technologies Inc. Chief Executive Officer (CEO) Travis Kalanick has resigned on Tuesday.

Uber issued a following statement on Uber's CEO stepping down, "Travis has always put Uber first. This is a bold decision and a sign of his devotion and love for Uber. By stepping away, he’s taking the time to heal from his personal tragedy while giving the company room to fully embrace this new chapter in Uber’s history. We look forward to continuing to serve with him on the board."

Uber's board of directors had reportedly requested in a letter to Kalanick to step down allowing him time to deal with personal tragedy. Kalanick's mother last week died in a boating accident. However, he will remain on the board.

This year the ride-hailing app was surrounded by series of allegations including seeking report of rape victim by top official. After the incident, Uber saw string of departure including head of business Emil Micheal and President Jeff Jones. A video also showing Kalanick arguing with Uber's driver went viral on social site.

Also read: Rape victim sues Uber again for breaching privacy

“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 said in a statement. He will remain on the board of directors, Uber said.

Earlier this month, he told staff of plans for a leave of absence, leaving the company to be run by a management committee.

Despite recent controversy, Uber’s business has been steady. The company revenue increased to $3.4 billion in the first quarter, while losses narrowed though they remain substantial at $708 million. Kalanick remains a billionaire given his stake in the company, with a net worth of $6.7 billion according to the Bloomberg Billionaire’s Index. Uber has been valued at $69 billion.

Meanwhile, the company has also said it would start compensating drivers for trips canceled more than two minutes after booking and offer new insurance plans.