Former Uber CEO Kalanick to resign from company’s board

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SAN FRANCISCO, CA – FEBRUARY 07: Former Uber CEO Travis Kalanick leaves the Phillip Burton Federal Building on day three of the trial between Waymo and Uber Technologies on February 7, 2018 in San Francisco, California. Waymo, an autonomous car subsidiary owned by Google’s parent company Alphabet, has accused Uber of theft of trade secrets on its self-driving vehicle development by alleging former Waymo employee Anthony Levandowski illegally downloaded 14,000 confidential documents before leaving to start his own self-driving car company, Otto, which Uber acquired shortly after for a reported $680 million. (Photo by Justin Sullivan/Getty Images)

NEW YORK (AP) – Former Uber CEO Travis Kalanick will resign from the board next week, effectively severing ties with the ride-hailing company he co-founded a decade ago.

Uber turbocharged the gig economy and since 2010 has logged 15 billion trips. Kalanick was ousted as CEO in the summer of 2017 with the company mired in numerous lawsuits.

The departure did not come as a surprise.

Kalanick recently sold more than $2.5 billion worth of shares in the company, more than 90% of his holdings.

“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,” Kalanick said in a prepared statement Tuesday. I’m proud of all that Uber has achieved, and I will continue to cheer for its future from the sidelines.

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