Uber Technologies (NYSE:UBER) announced on Tuesday that founder Travis Kalanick will resign from the company's board of directors, effective Dec. 31. He will resign to focus on his new business and philanthropic endeavors.

"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 statement.

"Very few entrepreneurs have built something as profound as Travis Kalanick did with Uber. I'm enormously grateful for Travis' vision and tenacity while building Uber, and for his expertise as a board member. Everyone at Uber wishes him all the best," said Dara Khosrowshahi, CEO of Uber.

Kalanick co-founded Uber in 2009. He stepped down as Uber’s CEO in June 2017, as he faced pressure from the investors over allegations of overlooking cases of gender discrimination and sexual harassment at the company.

In 2018, Kalanick shifted his focus to kitchen rental startup Cloud Kitchen.

Uber's stock traded around $30.40 per share at time of publication.

Related Links:

Uber Co-Founder Sells Another $383M In Shares, Reducing Stake To Less Than 10%

Uber, Lyft Stocks Struggle In Debut Year: What's In Store For 2020?

Photo credit: Heisenberg Media, Flickr