Uber Founder and former CEO Travis Kalanick will step down from the company’s board of directors, the trucking company announced today. Kalanick will officially resign from the board effective Dec. 31 to “focus on his new business and his philanthropic efforts,” according to a press release issued by Uber.
Kalanick, who was forced to step down as CEO of Uber and was eventually replaced by Dara Khosrowshahi through shareholder action, with the support of the board, in 2017, has been in the process of selling his considerable stake. in the ownership of the company through successive sales of its shares. Just last week, Kalanick sold about $ 383 million worth of stock and cut his overall stake to less than 10%, according to an SEC filing.
UPDATE 7:35 AM PT: In fact, it appears that Kalanick has actually sold all of his remaining shares, with the SEC filings to appear on the web likely after the Christmas holidays, according to the FT.
The stock sales began when Uber’s restriction on the sale of shares for private investors and employees expired six months after the company’s IPO. Kalanick at one time owned a total of 98 million shares in the company. Since then, Kalanick has played in the on-demand food industry that his former company helped power CloudKitchens, a startup focused on picking up cheap properties and turning them into restaurant operations without a counter, a seat, or a walk-in service designed exclusively for Meet the demand for messaging-based restaurant delivery applications.
