Uber co-founder and former CEO Travis Kalanick has ended his ride after stepping down from the company's board of directors and sold all his shares, CNBC reported Tuesday.
Kalanick will depart on Dec. 31 in an effort to "focus on his new business and philanthropic endeavors."
"Uber has been a part of my life for the past 10 years,” Kalanick said in a release about his departure. "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. 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."
Kalanick's latest venture, Cloudkitchens, rents out space to restaurateurs for delivery-based businesses and a venture fund focused on job growth and innovation in China and India.
A spokesperson for Kalanick confirmed to CNBC that the former CEO sold his entire stake in Uber, including more than $2.5 billion worth of Uber stock over the last month.
“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,” said Dara Khosrowshahi, CEO.
Kalanick resigned as CEO in 2017 amid concerns about the company's culture that had been fostered over the years, however, he continued serving on the company's board of directors.
Uber did not say who will fill Kalanick's board seat.
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