Ex-CEO leaves board of directors, sells remaining shares – Daily News

on Dec26
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Former Uber Chief Executive Travis Kalanick has cut the last ties he had with the company he co-founded and helped build into a giant in the ride-hailing industry.

On Tuesday, Uber said Kalanick will leave its board of directors, effective Dec. 31. Kalanick said in a statement that with Uber having gone public earlier this year, “it seems like the right moment for me to focus on my current business and philanthropic pursuits.”

Kalanick is now involved with CloudKitchens, a company that rents out shared spaces for restaurants and businesses that do food deliveries.

Separately, CNBC reported that a spokesperson for Kalanick confirmed he has sold off all his remaining shares of Uber stock. Prior to Tuesday, filings with the U.S. Securities and Exchange Commission showed Kalanick had sold approximately $2.5 billion of his Uber stake after a lockup period for early Uber shareholders to sell their shares ended in November.

A spokesperson for Kalanick couldn’t be immediately reached for comment.

Dan Ives, managing director at Webush Securities, said he was not surprised to see Kalanick leave Uber’s board after he sold so much of his company’s stock.

“It makes sense for Uber and Kalanick to go their separate ways at this time as it would be a distraction if he remained in the boardroom going forward,” Ives said.

Uber CEO Dara Khosrowshahi said in a company statement that he was “enormously grateful for Travis’ vision and tenacity while building Uber, and for his expertise as a board member.”

Kalanick stepped down from his CEO job at Uber in 2017 following multiple reports of sexual harassment and the formation of what was often called a “bro culture” at the company. Uber also had numerous run-ins with law enforcement officials and federal regulators during Kalanick’s CEO tenure.

With Kalanick leaving Uber’s board, the company will have eight remaining directors, including Khosrowshahi and Uber co-founder Garrett Camp. Earlier this year, Uber lost two other directors when Arianna Huffington and Benchmark Capital general partner Matt Cohler gave up their company board seats.

Uber didn’t return a request for further comment about any plans it may have to replace Kalanick on its board of directors.

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