The Uber board said in a statement to the Times that Kalanick had "always put Uber first" and that his resignation would give the company "room to fully embrace this new chapter in Uber's history".
Earlier this year, Uber came under fire through a #DeleteUber campaign, following Kalanick's acceptance to serve as an adviser to US President Donald Trump.
Travis Kalanick will however continue to remain as one of the Directors of the Board.
Uber's founder Travis Kalanick has reportedly vacated his role as CEO, following a string of scandals at the vehicle service company.
One of the five investors included venture capital firm Benchmark, and one of its partners, Bill Gurley, is on the company's board.
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Congress, the only body that can approve new states, will ultimately decide whether the status of the U.S. commonwealth changes. And the reality is that the economic crisis of Puerto Rico at this point can not be resolved just through a statehood process.
Kalanick recently lost his mother, who died in a boat accident in late May that also left Kalanick's father badly injured. Uber has also confirmed the firing of more than 20 employees following a review of HR complaints, according to BBC. Employees were presented with the findings of the investigation, conducted by former Attorney General Eric Holder of Covington & Burling, during an all-hands meeting on June 13.
The resignation comes amid a decision by company shareholders who pushed for his exit.
Kalanick had been accused of an insufficiently business-like attitude and, while supposedly a Silicon Valley wunderkind, he has also admitted that he needs guidance in how to lead a company.
As for what lies ahead, investors have talked about taking Uber public on the stock market. Previously, he had said he would take a temporary leave of absence in the wake of an investigation into Uber's company culture, which was said to foster harassment and discrimination.
The 40-year-old's pugnacious style largely defined Uber's approach and helped it become a transportation colossus valued at $68 billion, the largest private firm backed by venture capitalists in the world. Kalanick remains a paper billionaire given his stake in the company, with a net worth of $6.7 billion according to the Bloomberg Billionaire's Index.
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