DETROIT: Travis Kalanick, the combative and embattled CEO of ride-hailing giant Uber, has resigned under pressure from investors at a pivotal time for the company.

Uber’s board confirmed the move early Wednesday, saying in a statement that Kalanick is taking time to heal from the death of his mother in a boating accident “while giving the company room to fully embrace this new chapter in Uber’s history.” He will remain on the Uber Technologies Inc. board.

The move comes as Uber, the world’s largest ride-hailing company, was having trouble morphing from a free-wheeling startup into a mature company that can stanch losses and post consistent profits. After eight years of phenomenal growth by upending the taxi business, Uber had reached a point where the culture that created the company had become a liability that threatened to kill it.

In a statement, the 40-year-old co-founder said his resignation would help Uber go back to building “rather than be distracted with another fight,” an apparent reference to efforts on the board to oust him.

Published in Dawn, June 22nd, 2017