Uber founder Travis Kalanick to depart from board of directors

As per news, Uber founder and former CEO Travis Kalanick is leaving the company’s board of directors. Kalanick will officially resign from the board as of December 31, to focus on his new business and philanthropic endeavours.

Kalanick was replaced by Dara Khosrowshahi through shareholder action, with the support of the board, in 2017. Last week, Kalanick sold around $383 million in shares and reduced his overall stake to less than 10%, per an SEC filing. Kalanick has actually sold all his remaining stock, with the SEC filings to show up on the web likely after the Christmas holidays.

Uber’s restriction on the sale of stock for private investors and employees expired six months after the company’s IPO and after that the share sales started. Kalanick once owned a total of 98 million shares in the company. Kalanick has made a play in the on-demand food industry that Uber helped to jump-start with CloudKitchens, a start-up focused on picking up cheap properties and turning them into restaurant operations without a counter, seating or walk-in service, designed exclusively to fill the demand for courier-based restaurant delivery apps.