Uber founder and former CEO Travis Kalanick is stepping down from the company’s board of directors.
“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 for me to focus on my current business and philanthropic pursuits,” Kalanick said in a Tuesday statement. “I’m proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines.”
Kalanick, 43, founded the ride-hailing company with Garrett Camp in 2009, and he was CEO until 2017, when he was forced to resign. His share lockup ended last month, and since then, he has unloaded millions of dollars worth of shares at the same time that the company’s stock prices have been tanking.
Uber has struggled to become profitable. In the past three months, the company has lost $1 billion.
