Uber CEO Kalanick quits amid growing investors’ pressure
Uber Technologies Inc Chief Executive Travis Kalanick, co-founder one of the most influential technology companies of its generation, resigned on Tuesday under mounting pressure from investors over his leadership.
Kalanick’s departure caps a tumultuous period for the world’s largest ride-services company, which upended the taxi industry and transportation regulations globally with Kalanick at the helm. “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 first reported by the New York Times and verified by an Uber spokesman.
Kalanick, 40, has faced increased scrutiny in recent weeks following an investigation into the culture and workplace practices at a company he helped start in 2009 and is now the world’s most valued startup.
But it was a chorus of demands for changes at the top from some of Uber’s biggest investors that ultimately forced Kalanick out, according to a source familiar with the matter.
Venture capital firm Benchmark, whose partner Bill Gurley is one of Uber’s largest shareholders and sits on its board, as well as investors First Round Capital, Lowercase Capital, Menlo Ventures and Fidelity Investments, all pressed Kalanick to quit.
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Karnataka will waive cooperative bank loans to farmers, becoming on Wednesday the latest state to offer a write-off amid growing farm unrest in the country.
“Loans worth ₹8165 crores will be waived, benefitting 22,27,506 farmers across state,” tweeted chief minister Siddaramaiah.
Loans up to ₹50,000 taken till this June 20 will be waived.
The partial waiver is expected to bring relief to farmers in a state reeling under three consecutive years of drought. Sowing in the previous year was down by about 40%, according to the Karnataka Agricultural Prices Commission.
GC Byyareddy, a member of the Karnataka Prantha Raitha Sangha, a farmer organisation, welcomed the move but said the decision was taken because the government was under pressure.
“According to us, loans from cooperative banks forms only about a fourth of formal credit. So, the major relief will only come if loans from nationalised banks are waived,” he said.
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