Ryan Graves, former VP-global operations at Uber, the American multinational transportation network company, has stepped down from the Company’s board of directors.
Interestingly, Uber very recently completed an initial public offering. It raised $8 billion by doing so. But its stock is trading about eight per cent below its IPO price.
The ride service hailing business, which venture capitalists valued at $72 billion before the IPO, had priced its stock at the rate of $45 in early May. However, since then Uber’s stock prices have fallen and closed at $41 last week.
It is reported that Graves, who has been on the board for almost ten years, was expected to receive $1 billion from Uber’s IPO.
Graves played a significal role in the official launch of the ride hailing service and also helped it raise its first round of funds. He served as Uber’s senior vice president, global operations from 2011 to 2017, before quitting about two years back. His resignation came close on the heels of Travis Kalanick’s resignation. Graves, who was Uber’s first employee, also served as the CEO of the Company for a very short tenure in 2010— from February to December — till co-founder Kalanick took on the role.
Graves is presently heading the investment firm, Saltwater Capital. However, he had continued his position on the board at Uber.
In 2018, Graves announced the launch of his firm Saltwater, which is an investment firm that works with consumer products and technology businesses.