Uber’s co-founder and former CEO, Travis Kalanick, will be leaving the company before the end of the year with his retirement on December 31st from his position on the board of directors and after having sold all his shares.
In a statement, Uber said Tuesday that Kalanick is leaving the company to “focus on his new business and philanthropic missions” at a time when the entrepreneur is launching CloudKitchens, which is dedicated to the rental of hospitality professionals for home delivery businesses.
In addition, a spokesman said that Kalanick, one of the company’s creators 10 years ago, has completed the sale of all his shares, and although the total value is unknown, the latest public documents presented by Uber point out that it could be around 2.5 billion dollars, according to specialized media.
“Uber has been part of my life for the last 10 years,” Kalanick said in the statement. “With the closing of the decade and the company going public, this seems to be the right time to focus on my current business,” he added.
Uber did not specify who would take the place of the co-founder, although they said they have “strong candidates who will come forward at the right time”.
Uber’s former boss began disposing of the securities in early November, shortly after the company went public six months ago, a period when he and other initial investors were not allowed to sell shares in the market.
Kalanick resigned as CEO in 2017 after he was sued for fraud and was peppered with allegations of sexual harassment and discrimination within Uber.
The company went public last May in one of the largest public share offerings in the history of the technology industry.
Since then, its shares have lost 30% of their value, with the company unable to meet investors’ expectations.
Uber’s problems are a good reflection of the market’s concern about his inability to generate profits and the battles he has with various regulators.
In the last quarter, the technology company made a loss of about $1.2 billion, although it exceeded experts’ forecasts.