Travis Kalanick is stepping down as a board director with Uber, the company announced Tuesday.

Why it matters: Kalanick is credited with growing Uber into a global phenomenon, changing the way people get around town. But he's also responsible for a problematic culture, which contributed to his mid-2017 firing as CEO.

The state of play: Kalanick has sold his entire stake in the company since its May IPO, a spokesperson tells Axios.

What Kalanick is saying: "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. I want to thank the board, Dara and the entire Uber team for everything they have done to further the Uber mission."

What Uber CEO Dara Khosrowshahi is saying: “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."