Uber Co-Founder Travis Kalanick Resigns from the Company Board

Uber

Travis Kalanick, the co-founder of Uber will leave the company's board of directors by the end of this year. Kalanick stepped down as Chief Executive of the company and about the uncertain business practices that followed the company's rise, and will be officially out from the board of directors on December 31st. The company statement revealed, "To focus on his new business and philanthropic endeavors."

Travis Kalanick added, "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. I'm proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines.”

Uber

Kalanick formed a new investment company named '10100' in March 2018 to focus on both for-profit and non-profit ventures in various sectors including real estate, e-commerce and innovation in India and China. He has also started a "Ghost Kitchen" company, CloudKitchen which rents communal kitchens near population centers that can prepare foods for delivery services.

Uber

Travis Kalanick Growth

Kalanick and Uber co-founder Garrett Camp got the idea of Uber while traveling to Paris in December 2008, when they couldn’t find a taxi. In July 2010, they launched UberCab and the name was shortened to Uber in October. The company grew fast and operated around 700 cities in 65 countries in May. Kalanick quit from June 2017 due to reports about a cutthroat workplace culture, harassment, discrimination and questionable business tactics.

Dara Khosrowshahi, former chief of Expedia was appointed as Chief Executive in Uber who took steps to clear the image of the company and improve rider safety programs and also revealed details about sexual assaults. Unfortunately under Khosrowshahi, the company still faces issues such as excess traffic, aggressive labor practices and other ills. Last Week, German regional court banned Uber offering rides through car hire firms. Khosrowshahi answered about the statement," "Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber."

Ron Sugar, Uber board Chairperson appreciated Kalanick, "His unique expertise, honed over 10 years building Uber from a scrappy startup into the global public company," and the company shares which were down to 25% on May, rose after the holiday-shortened session where shares gained up to 0.4% finishing at $30.44.

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