Travis Kalanick, the co-founder and former CEO of Uber, will resign from the company’s board of directors by the end of the year. This comes after he sold almost in November.
Uber released a statement Tuesday announcing Kalanick’s departure from the board effective Dec. 31, 2019.
“Uber has been a part of my life for the past 10 years,” Kalanick said in a press release Tuesday. “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.”
Kalanickafter urging from five major company investors following an , which found the leadership created a hostile environment.
In November, the former Uber CEO sold more than 53 million shares — almost 55% of his stake in the company — when its initial public offering lockup period ended.
Kalanick’s new startup, CloudKitchens, received $400 million from the Saudi Arabia sovereign-wealth fund in January according to The Wall Street Journal. The company provides shared kitchen space for delivery-only restaurants.