Uber Technologies Inc.'s ousted chief executive, Travis Kalanick, is appointing two new directors to the ride-hailing firm's board in a surprise move that would bolster his clout as the company faces several critical decisions including a possible multibillion-dollar investment from SoftBank Group Corp.
Mr. Kalanick appointed former Xerox Corp. CEO and Chairwoman Ursula Burns and former CIT Group Inc. CEO and Chairman John Thain as the 10th and 11th Uber directors, effective Friday, according to a statement from him to The Wall Street Journal.
The Uber co-founder, who resigned as CEO in June, is making the appointments without consulting the rest of the board. He was granted control of three board seats as part of $3.5 billion investment from a Saudi wealth fund in 2016.
The appointments could serve as a defiant effort to push back against one of Uber's largest investors, Benchmark Capital, which is suing Mr. Kalanick over control of those two seats. The venture firm, which also holds a board seat and led an investor coup to push Mr. Kalanick out, has proposed a new voting structure for shareholders allowing them to vote based on the size of their stake, rather than the current system which rewards the earliest investors with greater voting power.
"I am appointing these seats now in light of a recent board proposal to dramatically restructure the board and significantly alter the company's voting rights," Mr. Kalanick said in the statement. "It is therefore essential that the full board be in place for proper deliberation to occur, especially with such experienced board members as Ursula and John."
Benchmark sued Mr. Kalanick earlier this year to return to board control the three seats he oversees, arguing he reneged on an agreement to relinquish them when he stepped down in June. Mr. Kalanick was pushed out by a group of investors who signed a resignation letter for him drafted by Benchmark.
If i was TK i'd put a dog on the board of Directors just for laughs if i was given that power... Then the board would get a laugh out of it and i'd have an excuse to take my dog to work...
Seriously... this guy needs to take a hint and GTFO already.
If i was TK i'd put a dog on the board of Directors just for laughs if i was given that power... Then the board would get a laugh out of it and i'd have an excuse to take my dog to work...
Seriously... this guy needs to take a hint and GTFO already.
I wanted to update you on some disappointing news from today. Travis appointed two new members to Uber's Board without discussing it with me or the Board of Directors more broadly. Anyone would tell you that this is highly unusual.
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. That is precisely why we are working to put in place world-class governance to ensure that we are building a company every employee and shareholder can be proud of."
Just know that the most important work here is the hard work you're doing on behalf of our Company. Keep focused, keep together, and keep going.
Nothing to see here...just Travis being his usual unprofessional self. This company still very much has the stench of the snake slithering around in the grass.
This is going to get uglier I think before it gets better. But we can rely on the VC firms to do what they need to do to protect their investment and future IPO gains. I don't think Uber will be able to function until they show TK the door and guarantee investors that he is not coming back.
One of the things the Board agreed to when they essentially fired TK was that he had the authority to appoint two additional directors. Normal courtesy would be to run the names by the Board and CEO, but TK is not known for courtesy. But he had every right to appoint the two directors.
And, not for nothing, they both have sterling big-time management cred. I don't think they are the kind of execs who will agree to anything stupid just because TK appointed them.
The proposal associated with the SoftBank deal not only removes TK from the board member selection process, it gives that power to Dara in kind of a roundabout way if three specific board positions become vacant. More importantly the SoftBank proposal strips TK of his massive voting power and mandates that the company be taken public within 2-2 1/2 years. That's what TK is fighting.
This is a dramatic development, but these things have a way of sorting themselves out in time. I suspect the outcome will be the seating of TK's two appointees (both very good people) as a part of a deal for most of the SoftBank restructuring.
What Uber desperately needs is a total purge of entire management and board. And I mean every department including North America, driver relations, app development, etc.
Uber Technologies Inc.'s ousted chief executive, Travis Kalanick, is appointing two new directors to the ride-hailing firm's board in a surprise move that would bolster his clout as the company faces several critical decisions including a possible multibillion-dollar investment from SoftBank Group Corp.
Mr. Kalanick appointed former Xerox Corp. CEO and Chairwoman Ursula Burns and former CIT Group Inc. CEO and Chairman John Thain as the 10th and 11th Uber directors, effective Friday, according to a statement from him to The Wall Street Journal.
The Uber co-founder, who resigned as CEO in June, is making the appointments without consulting the rest of the board. He was granted control of three board seats as part of $3.5 billion investment from a Saudi wealth fund in 2016.
The appointments could serve as a defiant effort to push back against one of Uber's largest investors, Benchmark Capital, which is suing Mr. Kalanick over control of those two seats. The venture firm, which also holds a board seat and led an investor coup to push Mr. Kalanick out, has proposed a new voting structure for shareholders allowing them to vote based on the size of their stake, rather than the current system which rewards the earliest investors with greater voting power.
"I am appointing these seats now in light of a recent board proposal to dramatically restructure the board and significantly alter the company's voting rights," Mr. Kalanick said in the statement. "It is therefore essential that the full board be in place for proper deliberation to occur, especially with such experienced board members as Ursula and John."
Benchmark sued Mr. Kalanick earlier this year to return to board control the three seats he oversees, arguing he reneged on an agreement to relinquish them when he stepped down in June. Mr. Kalanick was pushed out by a group of investors who signed a resignation letter for him drafted by Benchmark.
One of the things the Board agreed to when they essentially fired TK was that he had the authority to appoint two additional directors. Normal courtesy would be to run the names by the Board and CEO, but TK is not known for courtesy. But he had every right to appoint the two directors.
And, not for nothing, they both have sterling big-time management cred. I don't think they are the kind of execs who will agree to anything stupid just because TK appointed them.
The proposal associated with the SoftBank deal not only removes TK from the board member selection process, it gives that power to Dara in kind of a roundabout way if three specific board positions become vacant. More importantly the SoftBank proposal strips TK of his massive voting power and mandates that the company be taken public within 2-2 1/2 years. That's what TK is fighting.
This is a dramatic development, but these things have a way of sorting themselves out in time. I suspect the outcome will be the seating of TK's two appointees (both very good people) as a part of a deal for most of the SoftBank restructuring.
Uber Technologies Inc.'s ousted chief executive, Travis Kalanick, is appointing two new directors to the ride-hailing firm's board in a surprise move that would bolster his clout as the company faces several critical decisions including a possible multibillion-dollar investment from SoftBank Group Corp.
Mr. Kalanick appointed former Xerox Corp. CEO and Chairwoman Ursula Burns and former CIT Group Inc. CEO and Chairman John Thain as the 10th and 11th Uber directors, effective Friday, according to a statement from him to The Wall Street Journal.
The Uber co-founder, who resigned as CEO in June, is making the appointments without consulting the rest of the board. He was granted control of three board seats as part of $3.5 billion investment from a Saudi wealth fund in 2016.
The appointments could serve as a defiant effort to push back against one of Uber's largest investors, Benchmark Capital, which is suing Mr. Kalanick over control of those two seats. The venture firm, which also holds a board seat and led an investor coup to push Mr. Kalanick out, has proposed a new voting structure for shareholders allowing them to vote based on the size of their stake, rather than the current system which rewards the earliest investors with greater voting power.
"I am appointing these seats now in light of a recent board proposal to dramatically restructure the board and significantly alter the company's voting rights," Mr. Kalanick said in the statement. "It is therefore essential that the full board be in place for proper deliberation to occur, especially with such experienced board members as Ursula and John."
Benchmark sued Mr. Kalanick earlier this year to return to board control the three seats he oversees, arguing he reneged on an agreement to relinquish them when he stepped down in June. Mr. Kalanick was pushed out by a group of investors who signed a resignation letter for him drafted by Benchmark.
Only 30%? What have you done with the real TK who would not take anything less than 100%?
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Related Threads
?
?
?
?
?
Uber Drivers Forum
7.7M posts
191.9K members
Since 2014
A forum dedicated to Uber drivers and enthusiasts. Come join the discussion about taxes, documents, visas, travel, car care, finances, banking, maintenance, reviews, accessories, classifieds, and more!