The announcement marked a final exit for the tech entrepreneur who helped launch the rideshare start up 10 years ago and grew it into a Silicon Valley giant.
Uber co-founder Travis Kalanick will resign from the company’s board of directors at the end of this year, marking a final exit for the tech entrepreneur who helped launch the ride share start up 10 years ago and grew it into a Silicon Valley giant.
On Tuesday, Uber said Kalanick would leave the board “to focus on his new business and philanthropic endeavors,” though it did not cite specifics. Kalanick resigned as the company’s chief executiveafter several chaotic months that ended in a shareholder revolt. That resignation also came in the wake of a series of scandals tied to Uber’s aggressive workplace culture.
“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.”Kalanick had been winding down his shares of the company. In the past few weeks, Kalanick sold more than $2.5 billion in Uber stock, comprising more than 90 percent of his stake.
Investors will be glad to see Kalanick and Uber part ways, especially given the company’s financial tumble since its initial public offering in May, Daniel Ives of Wedbush Securities wrote in an analyst note. “With ripping the band-aid off and Travis leaving stage left on the Board, we believe now its about [CEO Dara Khosrowshahi] & Co. taking Uber in the right direction for 2020 and beyond after a rough road so far,” Ives wrote.Kalanick announced the creation of an investment fund dubbed 10100 that would be “home to my passions, investments, ideas and big-bets.
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