Travis Kalanick Severs All Ties With Uber, Departing Board and Selling All His Shares

An anonymous reader quotes a report from CNBC: Former Uber CEO Travis Kalanick will step down from the board, effective Dec. 31, and a spokesperson said Tuesday he has sold all of his stock in the ride-hailing company he co-founded 10 years ago. It's unclear how much Kalanick's total stake is worth, but the latest public filings show it's about $2.5 billion. In a statement Tuesday, Uber said Kalanick, 43, is leaving to "focus on his new business and philanthropic endeavors." Kalanick is launching latest venture, CloudKitchens, which rents out space to restaurateurs for delivery-based businesses. Uber did not say who will fill Kalanick's board seat. An Uber spokesperson said the ride-hailing company has "strong director candidates to put forward at the appropriate time." "Uber has been a part of my life for the past 10 years," Kalanick said in the release. "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."

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