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Travis Kalanick, Co-Founder of Uber Resigns from the Board
25 Dec, 2019 / 12:44 pm / Anas

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Travis Kalanick, co-founder of Uber, has resigned from the board of Uber. He also sold of  all his shares as he turns his focus to a new venture creating ghost kitchens for food delivery services. Kalanick, who found Uber in 2009 and once exerted nearly complete control, stepped down as chief executive in June 2017 under pressure from investors after a string of setbacks.

He will depart Uber’s board of directors by the end of the year, the company said in a press release. A spokeswoman said that Kalanick has sold his entire stake of roughly $3 billion worth of shares in Uber, adding that the final regulatory form will be filed after Christmas.

Kalanick’s bellicose style turned Uber into the world’s largest ride-services company, revolutionized the taxi industry and challenged transportation regulations worldwide.

“Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber,” Uber Chief Executive Dara Khosrowshahi said in a statement, crediting Kalanick’s “vision and tenacity.” But his brashness was also blamed for a string of scandals and complaints over his leadership, resulting in a shareholder revolt to push him out.

Kalanick said in a statement that now Uber was a public company, he wanted to focus on his current business and philanthropic pursuits. He is currently working on a startup that aims to build large industrial kitchens and lease space to restaurants. The “ghost kitchens” would prepare meals for food delivery without the costs of wait staff and real estate of locations that serve diners. The company, known as “CloudKitchens,” to date has collected $400 million in investor funding by Saudi Arabia’s Public Investment Fund, according to Crunchbase. Kalanick himself invested “several hundred million” in the business, his spokeswoman said, declining to provide the full amount.