In Power Move at Uber, Travis Kalanick Appoints 2 to Board
- 7 years ago
In Power Move at Uber, Travis Kalanick Appoints 2 to Board
The former chief, who holds outsize voting rights at Uber, said he had added Ursula Burns, a former chief executive of Xerox,
and John Thain, a former chief executive of Merrill Lynch and the New York Stock Exchange, to the eight-member board.
On Thursday, Uber and one of its investors, Goldman Sachs, made a proposal to the board
that would reduce Mr. Kalanick’s voting power at the company, according to people briefed on the negotiations, who asked to remain anonymous because they were not authorized to speak publicly.
In its own statement, Uber said Mr. Kalanick’s move “came as a complete surprise to Uber and its board.”
That is why, it added, the company is “working to put in place world-class governance.”
The moves underscore the increasingly dysfunctional relationship between Uber and Mr. Kalanick, the company’s co-founder.
Since then, the former chief, who holds a seat on Uber’s board, has battled with other board members,
including Benchmark, a venture capital firm that was an early investor in the company.
If approved, the proposal would also reduce voting power for other early Uber shareholders
and board members, including Benchmark, Lowercase Capital and Menlo Ventures.
The power plays on Uber’s board are centered on a move made by Mr. Kalanick last year
that allowed him to obtain outsize control of several board seats.
The former chief, who holds outsize voting rights at Uber, said he had added Ursula Burns, a former chief executive of Xerox,
and John Thain, a former chief executive of Merrill Lynch and the New York Stock Exchange, to the eight-member board.
On Thursday, Uber and one of its investors, Goldman Sachs, made a proposal to the board
that would reduce Mr. Kalanick’s voting power at the company, according to people briefed on the negotiations, who asked to remain anonymous because they were not authorized to speak publicly.
In its own statement, Uber said Mr. Kalanick’s move “came as a complete surprise to Uber and its board.”
That is why, it added, the company is “working to put in place world-class governance.”
The moves underscore the increasingly dysfunctional relationship between Uber and Mr. Kalanick, the company’s co-founder.
Since then, the former chief, who holds a seat on Uber’s board, has battled with other board members,
including Benchmark, a venture capital firm that was an early investor in the company.
If approved, the proposal would also reduce voting power for other early Uber shareholders
and board members, including Benchmark, Lowercase Capital and Menlo Ventures.
The power plays on Uber’s board are centered on a move made by Mr. Kalanick last year
that allowed him to obtain outsize control of several board seats.