Uber is stumbling out of control, with CEO Travis Kalanick stepping down from the company. The New York Times is reporting that a group of major Uber investors demanded Kalanick's resignation on Tuesday.
Kalanich eventually bowed to the demands after "hours of discussions", and will continue to stay on Uber's board and still has his hands-on a majority of voting shares. Kalanick said in a statement to the NYT: "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".
The Uber board said: "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".