Asked by
Birds of the sky (2 Golds)
Thursday, 26 Dec 2019, 09:18 AM
at (Consultancy
Business)
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Former Uber CEO Travis Kalanick has announced he will step down from Uber's board of directors. The information was revealed in a Uber statement on Tuesday. Kalanick is also giving up all the shares in Uber. As a result, Uber's co-founder is becoming very different from Uber. Travis Kalanick will leave Uber by the end of this year, a BBC Online report has said. The 43-year-old entrepreneur was forced to step down as CEO of Uber in 2017 following several scandals. But not Uber, he held his position on the board of directors. He recently sold most of his shares in Uber. Over the past two months, he has sold $ 2.5 billion worth of shares. Kalanick once owned more than 90 percent of its shares in Uber. According to Kalanick, Uber said in a statement that it was the right time for him to move away after the end of this decade and the company started working as a public limited company. He can now give importance to his current business and charitable activities. Kalanick said he will express his happiness for Uber's future from front to back. Kalanick is currently leading a new initiative called City Storage Systems. The startup, based in Los Angeles, USA, bought the land and set up a kitchen or restaurant. Food is provided online from these restaurants. These restaurants also serve food at Uber Eats. Kalanick had earlier said, "I love Uber more than everything else in the world." However, there were several controversies over Uber, and he was pressured by investors to leave Uber. The current chief executive of Uber praised Dara Khosrowshahi Kalanick, saying: "There are very few entrepreneurs who have been able to create something as important as Travis Kalanick's Uber. I am very grateful to Travis's goal, his involvement in Uber formation, and his expert opinion as a board member. Best of luck to everyone on Uber. " Analysts say Kalanick is losing ties to Uber at a time when the company is threatening to exist from regulators in several countries. In addition, Uber is threatened to face billions of dollars in costs because of its business model. This year's IPO, with the worst results in the stock market history of the United States, is also under heavy pressure on Uber shares. The technical website Gizmodo wrote in a report titled, 'Travis Kalanick escapes from a sinking ship'. According to the report, Kalanik was involved in various scams like abuse of driver, allegations of sexual harassment and cases with Alphabet in the last few years. Uber's departure as CEO in June 2017 has also caused concern for other members of Uber's board. Everyone thought he was trying to get Uber back in power. Board members, however, reduced his power by voting. Since then, Uber has co-founded a new venture with its investment fund and Cloud Kitchen. Answered by Birds of the sky (2 Golds) Thursday, 26 Dec 2019, 09:19 AM |