Uber Co-Founder Kalanick Leaves Board, Will Focus on Personal Investments, Philanthropy

Kalanick has sold much of his stake in the San Francisco ride-hailing company he helped establish in 2009.
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Uber (UBER) - Get Report Co-Founder Travis Kalanick is stepping down from the board at year's end, aiming to focus on his other investments and on philanthropy.

Kalanick, 43, has been liquidating his position in the San Francisco company over the past few months. 

Public filings last week showed that he had sold about $2.5 billion of shares

“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 statement. 

Kalanick in 2017 resigned as CEO amid concern about the company’s corporate culture during the height of the “Me Too” movement. He remained on the board while Dara Khosrowshahi took the CEO's post at the ride-sharing company.

Uber’s press release stated that Kalanick is leaving to “focus on his new business and philanthropic endeavors.”

One of the those businesses is his new kitchen-sharing startup, CloudKitchens, which enables restaurants to rent extra capacity to prepare food for delivery.