Kalanick and his allies have a significant number of these shares, which gives them 10 votes a share, reported the New York Times.
According to reports, Kalanic, who founded the company in 2011 and has held the position of CEO ever since, will remain on the company board.
Kalanick's resignation comes after a months-long investigation led former US Attorney General Eric Holder, who was hired by Uber to look into its culture and workplace practices after a female former employee publicly accused the company of what she described as brazen sexual harassment. Ride-hailing itself remains a topic of intense interest for the tech and auto industries as they compete to see whether Silicon Valley or the automakers will reap the profits from the digitalization of how people get from one place to another.
As for what lies ahead, investors have talked about taking Uber public on the stock market.
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Kalanick said earlier this month he was taking an indefinite leave of absence, in part to deal with a personal tragedy. Five of the company's major investors drafted a letter to Kalanick, explaining that it was time to find new leadership for Uber. Yet while Kalanick's vision and drive are credited with building Uber into a global concern with a valuation of more than $70 billion, his management style also is blamed for a string of strategy errors and a boorish work culture. Or when he yelled at an Uber driver to take responsibility for his "own shit", after the driver complained how hard it was to earn a living at the company? Disney's chief operating officer Tom Staggs is also under consideration.
Travis Kalanick was one of the main founders of Uber in 2009 and his departure was caused by a multitude of pressures within the company and personal difficulties. The company rolled out new changes on Tuesday to how drivers earn money, including a new tipping feature.