Uber, once considered the world's most valuable startup, turbocharged the gig economy and has logged roughly 15 billion trips since 2010. Kalanick co-founded Uber in 2009 but was ousted as chief executive in the summer of 2017 after a series of management scandals. He stayed on as a member of the board — until Tuesday's announcement.
"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. "I'm proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines."
Kalanick recently sold more than $2.5 billion worth of shares in the company — more than 90% of his holdings — after the 180-day lock-up period following the company's May initial public offering expired. Among Kalanick's other business pursuits is a "ghost kitchen" venture called CloudKitchens that provides on-demand cooking space.
"Given the pace of his insider sales and other initiatives he has on the horizon, it makes sense for Uber and Kalanick to go their separate ways at this time," Daniel Ives, analyst at Wedbush Securities, said in a note.
Kalanick's announcement did not perturb Wall Street. Uber's stock price climbed 1.3% in morning trading to $30.75 per share — or about one-third shy of the company's public offering price of $45 per share.
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