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Published on Monday, December 30, 2019

Former Uber CEO quits board






Co-founder and former CEO of Uber Technologies Inc, Travis Kalanick has finally severed all ties with the ridesharing company.


Kalanick, 43, sold all of his remaining shares in Uber and gave up his seat on the board.


He founded Uber with Garrett Camp a decade ago.


Kalanick plans to concentrate on 'current business and philanthropic pursuits.'


"Uber has been a part of my life for the past 10 years. At the close of the decade, and with the company now public, it seems like the right moment," he said in a statement.


Kalanick was ousted as CEO after a series of damaging missteps led to a pileup of lawsuits and scrutiny from regulators.


He was replaced by former Expedia Inc boss Dara Khosrowshahi.


Analysts at Wedbush Securities reckon Kalanick's departure will help Uber's stock price as it cuts ties with its turbulent past.


Kalanick officially departs the Uber board on December 31.


 

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