Uber Co-Founder Travis Kalanick Severs His Ties From Company

Posted on

Uber’s co-founder Travis Kalanick is severing his last ties to the company when he steps down from the board at the end of the month.

After roughly a decade after co-founding Uber, 43-year old Travis Kalanick announced on Tuesday that he would exit the board of directors at the end of 2019.

The former CEO had been pushed out in 2017 amid controversial business practices that accompanied the company’s stunning rise.

Kalanick will be resigning from the board of directors effective December 31 “to focus on his new business and philanthropic endeavors,” Uber said.

“Uber has been a part of my life for the past 10 years. 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 stated.

“I’m proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines.”

Kalanick also sold a large portion of his shares in early November.

Current CEO Dara Khosrowshahi said Tuesday that “very few entrepreneurs have built something as profound as Travis Kalanick did with Uber.”

Uber shares are down over 25 percent since the company went public in May.

Disclaimer: We have no position in Uber Technologies Inc. (NYSE: UBER) and have not been compensated for this article.

Daily updates