He's still on the board...
He can have a seat at the table, but the table is largely comprised of people who wanted him out, and can continue to make decisions he disapproves of.
This isn't a case of Larry Page and Sergey Brin at Google, or Bill Gates at Microsoft, where the founder is well-respected, left of their own will, and still maintains an influence in a meaningful capacity.
[1] https://www.reuters.com/article/us-uber-ceo/uber-ceo-travis-...
Activist investors play this game all the time so it says nothing about the strategy one way or another, just that the appetite for risk is higher the more control you have.