Uber CEO seeks to mend bridges with the TFL

06 October, 2017, 00:38 | Author: Valerie Burke
  • Uber's boardroom warfare continues: Vote would further hobble Travis Kalanick

The board's decisions mean that Uber, valued at almost $70 billion and closely watched by other start-ups, may have defused - at least temporarily - another fractious situation. "And numerous proposals - including a mechanism to push Uber toward an IPO if more than a third but less than half the board support - are indeed unusual".

Kalanick's right to fill those seats is being challenged in a lawsuit filed by Benchmark, an early investor that owns 13 percent of Uber. Kalanick, the controversial former chief executive officer, and venture capital firm Benchmark, the largest shareholder, were among those with outsize voting power before the latest changes.

Mr Kalanick resigned in June following pressure from shareholders over sexual harassment claims and other scandals. Top Uber investors Steve Russell and Shervin Pishevar threatened a lawsuit following the decision, which would remove the tenfold voting power of their Class B common shares compared to regular Class A shares held by other investors.

The proposal adopted by Uber's board also promised to put an end to in-fighting between Kalanick supporters and investors who suspected the co-founder was plotting a wily return to the head of the company.

Kalanick, in an emailed statement, described the changes as "a major step forward in Uber's journey to becoming a world-class public company".

However, an expected move that did not happen was that the board of directors did not approve making changes that would formally prevent former Uber CEO Travis Kalanick from regaining control of the company.

The board also endorsed Uber going public with a stock market debut by the year 2019.

Canadian policeman, four others attacked in 'terror' incidents
Sharif, 30, is to make his first appearance Tuesday in provincial court on 11 charges, including five counts of attempted murder. One person suffered a fractured skull and was initially in critical condition, but had since been upgraded to stable.

Hands-on with Google's £49 Echo Dot-like assistant
It's also a subtle way for Google to encourage customers to buy more than one Google Home device for their households. When it comes to audio, the Google Home Mini boasts a 360 degree speaker which is tuned for voice rather than music.

Brandeis University professors win 2017 Nobel Prize for Medicine
Working with fruit flies , the Nobel laureates isolated the period gene , which controls normal daily biological rhythm . Or more technically, it is the 24 hour internal clock running between your sleep and awake times.

In a rare moment of unity, the ride-hailing firm's leaders agreed Tuesday to a "one share, one vote" model to ensure parity in decision making, three sources familiar with matter said.

Uber CEO Dara Khosrowshahi, who was in London Tuesday to meet with Khan administration officials about reinstating the license, has tried to address concerns about the company's operating policies.

Uber's board of directors is split between detractors and supporters of Kalanick, who had been the driving force behind the company's massive global expansion but whose brash style made him a liability.

Recode's Kara Swisher and Theodore Schleifer reported more details on the proposals that the board is considering next week.

The billion dollar deal between Uber and SoftBank will involve expanding the board seats from 11 to 17, including three independent directors voted in by Uber's board and up to three seats for SoftBank.

In a statement emailed to The Mercury News organization by his spokesman, Kalanick wrote it was important to appoint the new board members when he did.

This move comes at a time when there is a rift in the board, especially with former CEO Travis Kalanick.

Recommended:



Popular

KSA and Russian Federation to bolster cooperation through $1bn-fund for energy
Saudi Arabia's King Salman arrived in Moscow on Wednesday, the first official visit to Russian Federation by a ruler of the Sunni state.

Senate intel committee still looking into Russian Federation
Last week, Mr Burr said there is no evidence of anything so far connecting Mr Trump's campaign and Russian interference . But he added that Russian intelligence could threaten the next round of congressional elections next year.

Marilou Danley's Sisters Say Las Vegas Gunman Sent Her Away Before Shooting
She flew from Manila to Hong Kong on September 22 and then returned to Manila three days later on September 25. The latter attack was previously the deadliest mass shooting in modern United States history.

Smart Tattoo Ink Changes Color as it Monitors Vitals
Short battery life is one of the major drawbacks, as is the need for wireless connectivity. The team tattooed the inks onto pig skin and observed how the colour changed.

Remembering Tom Petty On The World Cafe
He encouraged it. " You can stand me up at the gates of hell / But I won't back down! ". "I'm mostly just a reefer guy", he says. In the biography, Petty spoke candidly to Zanes about the abuse he suffered as a child and his struggles with heroin addiction.

Hadiya has right to take own decisions: SC will examine nullifying marriage
Will Your Lordships order NIA probe into it? The woman, a Hindu, had converted to Islam and later married Jahan. Hindustan Times quoted the Supreme Court as saying , "A father can't have control over 24-year-old girl".

Las Vegas gunman may have planned to attack Lorde concert first
He had been serving a 20-year term in federal prison for a 1960 bank robbery in Phoenix, Arizona, when he escaped in 1969. TUBE TROUBLES When is the next Tube strike and which London Underground lines are affected?

RandBall: What does history mean for Twins-Yankees on Tuesday?
Find out how to live stream the American League wildcard game between the Minnesota Twins and New York Yankees below. The Bronx Bombers also are a confident bunch because they know they have Luis Severino on their side.

Trump discourages Tillerson from talking to N. Korea
President Donald Trump tweeted about "Little Rocket Man" again on Sunday. "We have lines of communication to Pyongyang". At the same time, increased sanctions and diplomatic pressure have done little to force North Korea to alter course.

Nawaz Sharif set to be re-elected as PML-N chief
The general council of the PML-N will meet at the Convention Center today to elect Nawaz Sharif as the party chief. Meanwhile, the court re-issued bailable arrest warrants for Nawaz's daughter, Maryam Nawaz.