Travis Kalanick, co-founder and CEO of Uber Technologies Inc. speaks at the Wall Street Journal Digital Live ( WSJDLive ) conference at the Montage hotel in Laguna Beach, California October 20, 2015. REUTERS/Mike Blake.
Uber co-founder Travis Kalanick is leaving the company’s board of directors effective Dec. 31.
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“Uber has been a part of my life for the past 10 years,” Kalanick said in a statement. “At the close of the decade, and with the company now public, it seems like the right moment for me to focus on my current business and philanthropic pursuits.”
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Kalanick said that he is “proud of all that Uber has achieved” and that he will “continue to cheer for its future from the sidelines.”
Uber CEO Dara Khosrowshahi, who replaced Kalanick at the top of the firm, said he was “enormously grateful for Travis’ vision and tenacity while building Uber and for his expertise as a board member,” adding that everyone at the company “wishes him the best.”
Tuesday’s announcement comes as Kalanick has been unloading his stake in Uber. He has sold more than 90 percent of his Uber shares, worth over $2.5 billion, during the past seven weeks.
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Uber priced its May 10 initial public offering at $45 a share, giving the company a valuation of about $82 billion. Shares have fallen nearly 33 percent since, lowering the company’s market capitalization to $51.7 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 30.33 | -0.12 | -0.39% |
Kalanick resigned as CEO in June 2017 after some of the company’s biggest investors scrutinized the firm’s handling of harassment and discrimination complaints. He recently started CloudKitchens, a provider of smart kitchens for delivery-only restaurants.
