Uber co-founder Travis Kalanick will leave the company’s board

Uber co-founder Travis Kalanick will resign from the company’s board of directors at the end of this year, marking a final exit for the tech entrepreneur who helped launch the ride share start up 10 years ago and grew it into a Silicon Valley giant.

On Tuesday, Uber said Kalanick would leave the board “to focus on his new business and philanthropic endeavors,” though it did not cite specifics. Kalanick resigned as the company’s chief executiveafter several chaotic months that ended in a shareholder revolt. That resignation also came in the wake of a series of scandals tied to Uber’s aggressive workplace culture.

“Uber has been a part of my life for the past 10 years,” Kalanick said in a statement. “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 had been winding down his shares of the company. In the past few weeks, Kalanick sold more than $2.5 billion in Uber stock, comprising more than 90 percent of his stake.

Investors will be glad to see Kalanick and Uber part ways, especially given the company’s financial tumble since its initial public offering in May, Daniel Ives of Wedbush Securities wrote in an analyst note. “With ripping the band-aid off and Travis leaving stage left on the Board, we believe now its about [CEO Dara Khosrowshahi] & Co. taking Uber in the right direction for 2020 and beyond after a rough road so far,” Ives wrote.Kalanick announced the creation of an investment fund dubbed 10100 that would be “home to my passions, investments, ideas and big-bets.

About Pete Buttigieg’s wine cave dinner? I was there. MayorPete Millionaire former Republican Elizabeth Warren has NO business acting all high and mighty.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Former Uber CEO Travis Kalanick leaving the company's board of directorsUber says that Travis Kalanick, its former CEO, will step down from the company’s board of directors effective Dec. 31. Add it to the list! QAnon
Source: NBCNews - 🏆 10. / 86 Read more »

Travis Kalanick cuts last ties to Uber, will resign from company's boardThe departure does not come as a surprise as Kalanick has sold more than more than 90% of his shares -- worth about $2.5 billion. They're still a deeply shitty company.
Source: latimes - 🏆 11. / 82 Read more »

Former Uber CEO Kalanick to resign from company's boardNew York (AP) — Former Uber CEO Travis Kalanick will resign from the board next week, effectively severing ties with the ride-hailing company he co-founded a decade ago. Uber turbocharged... I use Lyft and couldn't be happier about it. Uber is a really shitty company with an even worse culture. Why is it the liberal media all run the same articles only a few mins apart? After he cashing out his shares of the company. He will be laughing all the way to the bank. 😉😂
Source: AP - 🏆 728. / 51 Read more »

Former Uber CEO Travis Kalanick is leaving the company's board after selling billions of dollars worth of stock | Markets InsiderTravis Kalanick is resigning from Uber's board of directors as he cuts ties to the company he co-founded. The former CEO's exit will be effectiv... Insider info “Billions of dollars”? Company has yet to turn a profit. Bunch of bandstanding going on here.
Source: BusinessInsider - 🏆 729. / 51 Read more »