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Uber Announces Co-founder Travis Kalanick Will Leave Its Board by the End of 2019

Uber Announces Co-founder Travis Kalanick Will Leave Its Board by the End of 2019

Uber co-founder Travis Kalanick will leave the company's board at the end of the year, The Wall Street Journal first reported. Kalanick se

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  • Uber co-founder Travis Kalanick will leave the company’s board at the end of the year, The Wall Street Journal first reported.
  • Kalanick served as the Uber’s CEO until 2017 but resigned under pressure from investors as the company faced multiple accusations of sexual harassment and gender discrimination.
  • Kalanick sold more than $2.5 billion worth of Uber stock in the two months leading up to his departure.
  • Visit Business Insider’s homepage for more stories.

Uber co-founder Travis Kalanick has announced his departure from the ride sharing company, The Wall Street Journal first reported. Kalanick founded the company more than a decade ago and served as the company’s CEO until 2017.

“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 said in the statement announcing his departure. “I’m proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines. I want to thank the board, Dara and the entire Uber team for everything they have done to further the Uber mission.” 

Current Uber CEO Dana current CEO Dara Khosrowshahi expressed his thanks for Kalanick’s leadership. “Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber. I’m enormously grateful for Travis’ vision and tenacity while building Uber, and for his expertise as a board member. Everyone at Uber wishes him all the best.”

Uber was founded in March 2009 and Kalanick became CEO in December 2010. He served in that role until 2017 when he resigned under pressure from investors. Kalanick and several other Uber employees had been accused of sexual harassment and gender discrimination leading to an internal investigation. Khosrowshahi was named CEO in August 2017 while Kalanick retained his role on the board.

Uber went public in May 2019 and closed at $30.33 per share before news of Kalanick’s departure hit. Uber’s stock value has dipped 33 percent from its IPO price as the company faces multiple legal challenges and tries to clear a path to profitability.

Kalanick has recently embarked on new investments with his own fund, 10100. He invested in a real state startup called City Storage Systems and became that company’s CEO. City Storage Systems is working on a project called CloudKitchens that turns retail space into leasable kitchens for chefs who want to start food-delivery businesses. CloudKitchens has reportedly been valued at $5 billion by Saudi Arabia’s sovereign-wealth fund.

This article is from Inc.com

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