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Uber CEO Travis Kalanick is out


Wednesday, December 25, 2019

Former Uber CEO Travis Kalanick will resign from the board next week, effectively severing ties with the ride-hailing company he co-founded a decade ago.

Uber turbocharged the gig economy and since 2010 has logged 15 billion trips. Kalanick was ousted as CEO in the summer of 2017 with the company mired in numerous lawsuits.

The departure did not come as a surprise. Kalanick recently sold more than $2.5 billion worth of shares in the company, more than 90% of his holdings.

“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 prepared statement Tuesday. "I’m proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines."

By: DocMemory
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