Former Uber CEO Travis Kalanick stepping down from company's board of directors

Uber said Tuesday that Travis Kalanick, its former CEO, will step down from the company’s board of directors effective Dec. 31.

In a statement, Uber said Kalanick is leaving the board to “focus on his new business and philanthropic endeavors.” Kalanick is launching latest venture, CloudKitchens, which rents out space to restaurateurs for delivery-based businesses.

Kalanick was ousted from Uber in 2017 over concerns he had fostered an unhealthy workplace environment, but he still remained on Uber’s board. He was present at the New York Stock Exchange during the company’s IPO in May, though not on the dais with company executives. Uber CEO Dara Khosrowshahi said in the release that he was “enormously grateful for Travis’ vision and tenacity while building Uber.”

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“Uber has been a part of my life for the past 10 years,” Kalanick said in the release. “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. I’m proud of all that Uber has achieved, and I will continue to cheer for 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.”

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Kalanick’s departure from the board comes as he has dumped practically all of his stake in Uber since the company’s lockup expired in November. He has sold more than $2.5 billion worth of Uber stock, leaving him with roughly 5.8 million shares remaining, or less than 10% of his holdings, according to SEC filings. At the current pace, he’ll likely be completely divested from Uber within days.

Shares of Uber were up as much as 1.1% in early trading on Tuesday.