Uber today announced that its co-founder and former CEO Travis Kalanick will step down from the company’s board of directors on December 31, 2019. Uber said in a statement that Kalanick would step down from the company’s board and “focus on his new business and philanthropy.” Kalanick, who was ousted by Uber in 2017, is working on his latest venture, CloudKitchen.
“Uber has been a part of my life for the past 10 years,” Kalanick said in a statement. As the decade draws to a close, with the company coming public, now is the right time for me to focus on my current business and philanthropy. I am proud of all of Uber’s achievements and will continue to cheer for its future. I would like to thank the board, Dara (the current CEO of Uber, Dara Khosrowshahi) and the entire Uber team for all they have done to advance Uber’s mission. ”
After a series of scandals, Kalanick was ousted in 2017 by Uber, the US internet-based car giant he co-founded, but remains on the company’s board. In 2018, Kalanick paid $150 million for a controlling stake in CloudKitchens Holdings, the holding company, Urban Storage Systems, through the 10100 fund he founded.
Simply put, CloudKitchen, known as the “WeWork Kitchen Edition,” typically takes over idle real estate space, equips it with kitchen facilities, and rents them out to restaurants, food and beverage companies. CloudKitchens, on the other hand, provides them with a range of services in real estate, facility management, technology and marketing.
Since his ouster in 2017, Kalanick has sold his stake in Uber through private deals. He owns about 6 percent of Uber after its initial public offering in May. In the middle of this month, Kalanick sold another $350 million in Uber stock. He has sold more than $2.1bn of Uber shares since the end of the stock ban on November 6.