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Travis Kalanick Exercises Right to Appoint Two Uber Directors

Discussion in 'News' started by Jo3030, Sep 29, 2017.

  1. Jo3030

    Jo3030 Moderator Moderator

    Location:
    Washington DC
    Driving:
    UberX
    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.

    https://www.wsj.com/articles/travis...ppoint-two-uber-directors-1506729037?mod=e2tw
     
    Last edited by a moderator: Oct 1, 2017
  2. Brooklyn

    Brooklyn Well-Known Member

    **** just hit the fan.

    About to be an all out war in the office.


    Wasn’t one of the stipulations to the SoftBank deal that Kalanick can’t get more board seats and etc? Looks like that deal may be off the table now.
     
    Spotscat likes this.
  3. Jo3030

    Jo3030 Moderator Moderator

    Location:
    Washington DC
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    Looks like Travis is on a rampage

    [​IMG]
     
  4. BurgerTiime

    BurgerTiime Well-Known Member

    Location:
    Minneapolis
    Driving:
    Lyft
    This guy is the ture meaning of "prick"
    This is also worse case scenario for the new CEO trying to right the London Ship. #notgood
     
  5. Fargle

    Fargle Well-Known Member

    Location:
    Washington
    Driving:
    UberX
    Is anyone else reminded of Martin "Pharma-Bro" Schkreli? The similarity in sheer arrogance and narcicism is striking.
     

  6. Jo3030

    Jo3030 Moderator Moderator

    Location:
    Washington DC
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    Dude is above the law and above reproach.
     
  7. KMANDERSON

    KMANDERSON Well-Known Member

    Location:
    Dallas, TX
    Driving:
    UberX
    It will be interesting to see what the other board members do.
     
    Last edited: Sep 30, 2017
    tohunt4me likes this.
  8. PMartino

    PMartino Well-Known Member

    Location:
    LA
    I heard he actually appointed only one director.

    But then on the way to the boardroom a ping came in to pick up another one.
     
  9. TwoFiddyMile

    TwoFiddyMile Well-Known Member

    Location:
    charlotte
    Driving:
    Taxi
    tohunt4me likes this.
  10. Mears Troll Number 4

    Mears Troll Number 4 Well-Known Member

    Location:
    Orlando-ish
    Driving:
    Taxi
    Seriously TK...

    What the crap is wrong with this guy?

    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.
     
    Matthew Thomas and ABC123DEF like this.
  11. Fargle

    Fargle Well-Known Member

    Location:
    Washington
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    This might be fun... Everyone send a message to support and tell them to never pair him with you.
     
    Yam Digger likes this.
  12. Ride-Share-Risk-Manager

    Ride-Share-Risk-Manager Well-Known Member

    Location:
    New York City and NJ
    Driving:
    UberX

    But is it a service dog ? If they refuse to meet as a Board of Directors with a service dog they should be terminated immediately.
     
  13. Mista T

    Mista T Well-Known Member

    Location:
    Malebolge
    TK is simply confirming to the world that Benchmark was right to try to take steps to reign in this a-hole.
     
  14. ABC123DEF

    ABC123DEF Well-Known Member

    Location:
    Southeastern USA
    Driving:
    UberX
    What a slitshow.
     
    Tr4vis Ka1anick and TwoFiddyMile like this.
  15. Trump Economics

    Trump Economics Well-Known Member

    Location:
    Los Angeles, CA
    In a letter addressed to his staff, he writes:

    Team —

    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.

    Full article here:

    https://www.recode.net/2017/9/30/16391392/dara-khosrowshahis-letter-uber-staff
     
    uberdriverfornow likes this.
  16. ABC123DEF

    ABC123DEF Well-Known Member

    Location:
    Southeastern USA
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    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.
     
  17. Ride-Share-Risk-Manager

    Ride-Share-Risk-Manager Well-Known Member

    Location:
    New York City and NJ
    Driving:
    UberX
    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.
     
  18. JimKE

    JimKE Well-Known Member

    Location:
    Miami
    Yes and no.

    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.
     
  19. WaveRunner1

    WaveRunner1 Well-Known Member

    Location:
    DC Metro
    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.
     
  20. Jesusdrivesuber

    Jesusdrivesuber Well-Known Member

    Location:
    close to mongolia

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