Uber Chaos as Current, Former CEO Battle over Board of Directors

Jo Bertram said that she had decided it was time to move on “to something new and exciting”

The board itself would expand from 11 seats to 17 seats, with two of the additions going to SoftBank and the other four being independent.

Uber's London-based head of northern Europe affairs is leaving the company as the ride-hailing app fights to have its London licence renewed.

Softbank has agreed to make an initial investment of between $1 billion and $1.25 billion in Uber, buying new shares to maintain the company's $69 billion valuation, the person familiar with the board's decision said.

Uber Technologies Inc.'s board has approved a series of corporate reforms along with a multibillion investment from SoftBank Group Inc. that are created to strengthen the ride-hailing company's governance while at the same time strip power from former Chief Executive Travis Kalanick.

In a corporate statement, Uber said "SoftBank's interest is an incredible vote of confidence".

Any SoftBank deal would still require finding existing stockholders who hope to sell their positions. For Kalanick, who was enraged after these provisions were introduced last week, an agreement to dialback his percentage of votes was seen as a compromise, as he was able to keep control of three board seats that had been at the center of a lawsuit from an early investor. "Anyone would tell you that this is highly unusual".

Uber board did this by voting to allow Japan's SoftBank Group to invest in the company. "If your family or friends ask you about it, here is our press statement: 'The appointments of Ms. Burns and Mr. Thain to Uber's Board of Directors came as a complete surprise to Uber and its Board". The discussion was set to include talks of expanding the board to as many as 17 seats, according to people with knowledge of the plans.

The SoftBank deal, which the board also approved, reportedly could have a total price tag of more than $10 billion.

Russian Federation proposes a mechanism to monitor crude oil exports
Output cuts by OPEC and non-OPEC producers were "working well", and compliance was at an acceptable level, the oil minister added. Diplomatic relations were restored in 1992, after a five-decade hiatus, but Riyadh and Moscow found little common ground.

All of Uber's shareholders will eventually have one vote per share, regardless of the class of company stock that they own. The case is now in private arbitration. Again, he appointed Burns and Thain as new board directors in an attempt to have more advantage in the board.

Uber's board held a phone call Saturday to discuss the governance proposals.

It's not clear whether the board made a decision to strip the shares of their special voting power, or if the board devised a different method to "ensure equality among all shareholders", as it said in a statement provided to Business Insider on Tuesday.

The moves are expected to end a legal fight between Kalanick and Benchmark.

The additional six new seats will be composed of one independent chair, three independent seats and two representatives of SoftBank.

The last time Uber's board went into such heated deliberations, it was weighing two high-profile candidates to replace Kalanick as CEO: General Electric Co's Jeffrey Immelt or Hewlett Packard Enterprise Co's Meg Whitman.

Dara Khosrowshahi, chief executive of the company met with Mike Brown of Transport for London (TfL) as Uber seeks to continue operating in the capital.

Related News:

  • Radhe Maa sits on SHO's chair, probe on

    Radhe Maa sits on SHO's chair, probe on

    Senior police officers of the Eastern Range confirmed that both the incidents took place on the night of September 28. Since it was located right behind my chair she sat on my chair without asking after she came out of the toilet.
    Girlfriend of Las Vegas Shooter Arrives in Los Angeles

    Girlfriend of Las Vegas Shooter Arrives in Los Angeles

    Clark County Sheriff Joseph Lombardo says Stephen Paddock must have had some help, but the gunman's motive is still a mystery . Trump, touring a hospital in Las Vegas , told reporters Paddock was "very demented". "If not, please proceed to your area".
    Wells Fargo CEO Sloan should be fired, Sen. Warren says

    Wells Fargo CEO Sloan should be fired, Sen. Warren says

    COPYRIGHT VIOLATION NOTICE: This report was originally reported by Marea Informative and is the property of of Marea Informative. Keefe, Bruyette & Woods restated an "overweight" rating on shares of Wells Fargo & in a research report on Thursday, July 13th.
  • TransCanada cancels plans for Energy East pipeline

    TransCanada cancels plans for Energy East pipeline

    The pipeline, which drew pointed opposition in Quebec, was undergoing an environmental review in that province. Fossil fuel investment is becoming less viable while renewable energy investment increases exponentially.
    New York Yankees: Three Keys to Taking Game 1 of the ALDS

    New York Yankees: Three Keys to Taking Game 1 of the ALDS

    Back in 1920, the Tribe defeated the Brooklyn Robins in seven games, more than a decade before they became the Brooklyn Dodgers. To find a team that lost the World Series back-to-back and then finally came up a victor , you have to go back nearly 100 years.
    Catalan president lives outside law - Spain's deputy prime minister

    Catalan president lives outside law - Spain's deputy prime minister

    Bloomberg Businessweek says Catalonia's struggle for independence may only be the beginning of similar movements across Europe. The Catalan government could declare independence in the coming days.
  • Regularisation of guest teachers: BJP opposes bill!

    Regularisation of guest teachers: BJP opposes bill!

    The bill, approved by the Delhi cabinet last week, seeks to regularise 15,000 guest teachers in Delhi government schools . He observed: "The foundation of the bill is flawed.One has to go by the rule of law, not rhetoric".
    Google Assistant Released on Play Store, But There's Nothing to Rejoice

    Google Assistant Released on Play Store, But There's Nothing to Rejoice

    In the latest update, Google is pushing the Assistant to the Play Store for a speedier and more streamlined update process. Until now the app used to come pre-installed on Android phones but now you can easily download it and use it.
    FDA to bakery: Love is NOT an ingredient in granola

    FDA to bakery: Love is NOT an ingredient in granola

    Nevertheless, despite disappointment, Gates said his company will comply with the FDA's rules. Your Nashoba Granola label lists ingredient "Love".
  • Take steps to fight breast cancer diagnosis

    Take steps to fight breast cancer diagnosis

    She is also a leader and advisor to a number of physicians and boards focused on treating, curing and preventing breast cancer . State Police are selling a limited supply of pink MSP patches for $10, with proceeds going to the Dana-Farber Cancer Institute.
    Josh Norman suffers damage to lung lining, could still play after bye

    Josh Norman suffers damage to lung lining, could still play after bye

    Because the Redskins have a bye this weekend, Norman might be able to return for the October 15 game vs. the San Francisco 49ers . Redskins cornerback Josh Norman is out for the rest of Monday night's game against the Chiefs and likely a while longer.
    Saudi king arrives in Moscow on first historic visit to Russian Federation

    Saudi king arrives in Moscow on first historic visit to Russian Federation

    Moreover, Russia's Energy Minister Alexander Novak has said that Libya is also expected to join the OPEC deal. It signifies an increasingly close strategic partnership between the two oil-rich states.


Most liked

Los Angeles makes list of potential 2026 World Cup venues
With the only competition coming from Morocco, the North American bid is the heavy favourite to land the sporting spectacle. All three Mexican bidding cities ( Mexico City , Guadalajara and Monterrey) are widely expected to make the final cut.

Modi calls back Amit Shah from Kerala Yatra to conduct meet
The fifteen-day Yatra has created a political battle in Kerala with the BJP and the ruling CPI (M) engaging in verbal exchanges. Expecting Shah's participation, security was tightened along the road and hundreds of policemen were deployed at key points.

JLR electrifies Range Rover Sport with plug-in hybrid option
When rapid charging, a full charge can be achieved in as little as 2 hours 45 minutes at home using a dedicated 32-amp wall box. The first ever Range Rover to come with a hybrid powertrain, it uses a four-cylinder 300hp engine and a 104hp eclectic motor.