Uber CEO Travis Kalanick has finally acceded to investor demands and resigned from the ride-hailing company he founded. His resignation caps a series of recent scandals that Uber has been embroiled in from the start of 2017.

According to the New York Times, a shareholder revolt made it unsustainable for him to stay on as the chief executive of the company. The Times cited two unnamed sources who said his resignation was preceded by hours of boardroom drama. The company's major investors, including venture capital firm Benchmark — whose partner Bill Gurley serves on Uber's board — made their demands known to Kalanick in a letter delivered to him while he was in Chicago.

The letter was titled "Moving Uber Forward" and said Kalanick must immediately leave because the company needed a change in leadership. He agreed to step down, following hours of discussion with at least one board member. He will continue to serve on Uber's board post his resignation.

“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 to the Times.

Read: Why Is Travis Kalanick Leaving Uber?

“The ultimate responsibility, for where we’ve gotten and how we’ve gotten here, rests on my shoulders,” he said to employees in an email to employees on June 13.

Kalanick was pushed for the resignation post his announcement last week, when he said he was taking an indefinite leave of absence from Uber to work on himself and grieve for his mother, who died last month in a boating accident.

Uber, which was once hailed as a Silicon Valley unicorn for its innovation with ride-hailing services, has been embroiled in numerous scandals in recent months. The company has been in the news for all the wrong reasons, ranging from a toxic workplace culture with rampant sexual harassment and discrimination, to ‘greyballing’ law enforcement officials, both of which have made it grab the attention of authorities. It also had troubles with users, since it was caught retaining user data for long periods after the users’ rides ended and misusing the data.

The company’s president of business in Asia Pacific, Eric Alexander had to resign earlier this month after he acquired the medical records of a woman who was violently raped in 2014 by an Uber driver.

Uber is also embroiled in a lawsuit with Google’s Waymo division, which has accused the company of stealing its self-driving technology.

The company has tried to make some moves to address such problems, from firing more than 20 employees on June 6 to replacing its chief operating officer.

Read: Uber Board Member David Bonderman's Makes Sexist Remark During Corporate Culture Meeting, Faces Ire On Twitter

Kalanick might have taken the responsibility for Uber’s troubles, but it remains to be seen how the company deals with its issues going forward. It has also left the question open of who would replace him, especially since he has been credited with most of the company’s success till date.

Shareholders stand to lose a lot of money if Uber, which has a valuation of $68 billion — making it among the most valued privately held companies in the world — is downgraded in valuation following the change in leadership.

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