Uber Cofounder Travis Kalanick To Resign From Board

The Topline: Former CEO Travis Kalanick has announced he will resign from the Uber board next week, ending his time with the company he helped found in 2009.

  • Speculation that Kalanick was moving on from Uber began amid reports he had sold the vast majority of his stake in the company, more than $2.5 billion over the past two months.
  • On Tuesday, his spokesperson said Kalanick has sold the remainder of his stock and will use his time to focus on philanthropy and other business ventures.
  • Kalanick will turn to his latest project, Los Angeles-based (and largely self-financed) City Storage Systems, also known as CloudKitchens, which leases space to restaurants that serve food via delivery apps like Uber Eats and Deliveroo.

Crucial quote: “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 will continue to cheer for its future from the sidelines,” Kalanick said in an Uber release.

Key background: Kalanick cofounded the ride-sharing app a decade ago but was asked to step down from his former position as CEO in 2017 after a series of scandals rocked the company, including reports of sexual harassment.

The news of Kalanick leaving the company comes at an interesting time for the ride-sharing app— Uber is dealing with being banned in cities around the world over clashes with local regulations. Just a month ago the transport regulators in London, a major market for the company, announced Uber’s license to operate would not be renewed. Uber has appealed the decision.

Credited with helping shape to shape the gig economy we know today, passengers have taken on some 15 billion trips on Uber since 2010.

I am a Texas native interning at the Forbes office in London, and have previously been published in London and Austin newspapers. I am an alum of City, University of Lo

Source: Uber Cofounder Travis Kalanick To Resign From Board

2.44M subscribers
Read more: http://cnet.co/2sBWXSD After taking a leave of absence as head of Uber, Kalanick relinquishes some control of the company he co-founded. Subscribe to CNET: http://cnet.co/2heRhep Check out our playlists: http://cnet.co/2g8kcf4 Like us on Facebook: https://www.facebook.com/cnet Follow us on Twitter: https://www.twitter.com/cnet Follow us on Instagram: http://bit.ly/2icCYYm Add us on Snapchat: http://cnet.co/2h4uoK3

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: