Uber's boss steps down

The founder is vacating his CEO post after a series of scandals...

Uber's boss steps down

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Uber's founder Travis Kalanick has resigned as the company's CEO.

According to the New York Times, he has stepped down amid mounting pressure from investors.

This comes after a review of the company's working practises following a series of scandals including accusations of sexual harassment and discrimination within the organisation.

"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 entrepreneur said in a statement.

He started the ride-sharing firm in 2009. It has a current market valuation of almost $70bn. Mr Kalanick will remain on the company's board of directors.

According to the NYT report, five of the company's major investors demanded his immediate resignation.

Last week, the executive announced that he was taking an indefinite leave of absence following the death of his mother.

"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," the company's board said in a statement.

The company has recently lost a number of key executives and 20 staff members were fired after investigations into over 200 HR complaints.