Uber co-founder Travis Kalanick is leaving the company’s board of directors, effective Dec. 31. Shares opened little changed following the news.
“Uber has been a part of my life for the past 10 years,” Kalanick said in a statement. “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.”
Travis Kalanick said that he is “proud of all that Uber has achieved” and that he will “continue to cheer for its future from the sidelines.”
He did not immediately respond to FOX Business’ request for comment.
Uber CEO Dara Khosrowshahi, who replaced Kalanick as chief executive at the firm, said he was “enormously grateful for Travis’ vision and tenacity while building Uber and for his expertise as a board member,” adding that everyone at the company “wishes him the best.”
Tuesday’s announcement comes as Kalanick has been unloading his stake in Uber, selling over 90 percent of his Uber shares, worth more than $2.5 billion, during the past seven weeks.
Uber priced its May 10 initial public offering at $45 a share, giving the company a valuation of about $82 billion. Shares have fallen nearly 33 percent since lowering the company’s market capitalization to $51.7 billion.
Kalanick resigned as CEO in June 2017 after some of the company’s biggest investors scrutinized the firm’s handling of harassment and discrimination complaints. He recently started CloudKitchens, a provider of smart kitchens for delivery-only restaurants.