Taxi for Uber CEO Travis Kalanick!

Kalanick resigns following shareholder pressure, as they watch their supposed $50bn company flush itself down the toilet

Uber CEO Travis Kalanick has been forced out of the company he founded following a string of scandals that has seen the heavily loss-making company - supposedly valued by investors at more than $50bn - widely ridiculed.

Kalanick had taken indefinite leave following the death of his mother in a boating accident, but he has now tendered his resignation as a result of pressure from the board of directors and shareholders.

Uber has been heavily criticised for a series of incidents and a damning report that has led to the sacking of 20 executives and the investigation of many more over claims of a "macho" culture of sexism and institutional bullying.

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.

The company had already been looking for a chief operating officer, who would have provided a more rigorous business formality for the notoriously aggressive company.

Kalanick was famously caught on the dashcam of one of his own drivers, hurling abuse, an incident that led to widespread criticism and his admission that he needed to "grow up".

Matters have reached a head in recent months with the usual criticisms of surge charging during disasters and the widely posted blog post by Karen Miller talking about her experiences with the company.

Kalanick's emails to staff had become the stuff of legend with proclamations including the banning of sex between co-workers and a $200 fine for "barfing".

With the company so highly valued, Kalanick's kind of leadership grated with shareholders who risk losing billions if the company does not turn out to be money-spinner they had anticipated.

As a result of some of Kalanick's actions, the #deleteuber movement is estimated to have encouraged some 150,000 app deletions in just two weeks, while its US rival Lyft has been taking market share.

No announcement has been made about Kalanick's replacement but it is likely to result in a huge change for the ride-sharing app - and, perhaps, a sharp brake applied on spending.