Ryan Graves, Uber’s first-ever employee and its former CEO, has stepped down from the board of directors just two weeks after the ride-hailing company’s massive initial public offering.
In a statement filed with the Securities and Exchange Commission on Friday, the company said that Graves is not stepping down over any disagreement with the company, its management, its board, or any other matter related to Uber’s operations, policies or practices.
It’s unclear why he resigned. His resignation goes into effect on May 27.
His departure comes just weeks after Uber went public in an $8.1 billion IPO that valued that company at $75.5 million. The share price has consistently hovered below its IPO price of $45 a share. Calculated at $43 per share, Graves’ personal stake in Uber is worth $1.4 billion.
Graves left Uber in 2017 after serving as senior vice president of global operations, and for a short time before that as CEO. But he remained on the board alongside disgraced former CEO Travis Kalanick and co-founder Garrett Camp.
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In a note to the board of directors shared with the SEC, Uber chairperson Ron Sugar described Graves’ departure as “bittersweet.”
“Ryan was one of the key people who helped shape Uber into the company that it is today. As a thoughtful and engaged director, Ryan has continued to add value to Uber, offering insights and judgement that have helped us navigate the ups and downs of the business as we have grown over the past decade,” Sugar said.
“While this is a bittersweet moment, we accept his personal decision that this is the right time for him to step down. Dara and I are grateful for his contributions to Uber’s success and wish him all the best going forward,” he said.