Travis Kalanick: No relation with UBER anymore
Travis Kalanick, the former CEO of UBER, will resign from the board on 31st Dec. He has also sold all of his stock in the ride-sharing company he co-founded 10 years ago, a spokesperson said on Tuesday. It is not sure about how much does Kalanick’s total stake is worth, but the recent public filings show it’s about $2.5 billion.
“Kalanick, 43, is leaving to put his attention on his new business and philanthropic endeavors,” said Uber in a statement on Tuesday. Kalanick is launching the latest venture, CloudKitchens, where the place will be rented out to restaurants for delivery-based businesses. It is not confirmed by Uber that who will take the place of Kalanick’s board seat. “The ride-sharing company has strong director candidates to put forward at the right time,” said a spokesperson from Uber.
The news of Kalanick selling his whole stake in Uber was confirmed to CNBC by a spokesperson for Kalanick.
Kalanick has finally ended his ties from the ride-sharing company he co-founded, by exiting the board and selling his stake. In 2017, Kalanick was expelled as CEO over the trouble that he had promoted an unhealthy workplace environment but remained on the board. He was at the New York Stock Exchange during the company’s IPO in May, but not on the dais with company executives.
On stage at The New York Times Dealbook conference in November, the present CEO of Uber, Dara Khosrowshahi said: “I’m enormously grateful for Travis’ vision and tenacity while building Uber.” Khosrowshahi told interviewer Andrew Ross Sorkin that Kalanick has been “supportive” of his leadership.
“Kalanick has opinions about Uber’s distinct businesses, but generally the two of them are aligned with the direction of the company,” he added.
Kalanick said in the release that, “Uber has been part of me for the whole decade. At the end of the decade, and with the company now being public, it seems like the right moment for me to focus on my current business and philanthropic pursuits. I’m proud of everything that Uber has achieved, and I will continue to support its future from the sidelines. I want to thank the board, Dara and the entire Uber team for everything they have done to further the Uber mission.”
Since the company’s stock lockup period expired last month, Kalanick has been continuously selling his stake in Uber. The co-founder (other former executives) Garrett Camp has also sold his stack in Uber but not at the scale that Kalanick has.
Do you think that Kalainck’s act of selling all his stocks will affect UBER in a negative way? If not, then why? Please share your beliefs in the given section below.