Uber Board Approves Series of Corporate Reforms

Uber Board Approves Series of Corporate Reforms

Uber Board Approves Series of Corporate Reforms

Shareholders will now have one vote per share, ending a class of supervoting shares in a move that substantially decreases the power of Kalanick and some other early investors, the report said.

He appointed former Xerox CEO Ursula Burns and former Merrill Lynch CEO John Thain to the board Friday "in light of a recent Board proposal to dramatically restructure the board and significantly alter the company's voting rights", Kalanick said at the time.

Uber has confirmed a significant investment from Softbank earlier this week, and numerous changes to the board. Both of those companies are also backed by SoftBank-it's possible that once SoftBank is invested in all three companies, it could orchestrate a merger between Uber and its rivals. The Japanese company also committed to spend billions more purchasing between 14% and 17% of the company's shares already held by current stakeholders at a discounted rate.

Uber said in an emailed statement that it expects to finalize the SoftBank deal "in the coming weeks".

The governance proposal, written with the help of Goldman Sachs Group Inc., would shift Uber shareholders to one share, one vote.

On Tuesday, Khosrowshahi - who has apologized to Londoners for the firm's mistakes- will meet TfL's Commissioner Mike Brown in a bid to fix a fraught relationship between the regulator and the taxi app, which has prompted strong opposition from unions and traditional taxi drivers over working rights.

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.

It has been a rough 2017 for the global ride-hailing giant. And all of that backlash only emboldened its global competitors.

"Further steps in this process will take place over the coming weeks".

Spokesman for Uber and Kalanick declined to comment. Kalanick's move appeared to have succeeded, and the pair will remain on the board. Among those expected to vote yes are Khosrowshahi and Benchmark's Matt Cohler, as well as non-executive directors Arianna Huffington and Wan Ling Martello, a person familiar with the discussions said. Kalanick has been engaging with Khosrowshahi in hopes of finding a compromise that will unify the board.

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

Numerous changes have the effect of restricting Kalanick's role at the company, while not specifically targeting him. That provision also applies to Khosrowshahi.

Chief Executive Officer Dara Khosrowshahi flew to London for a meeting Tuesday with Transport for London to try to salvage Uber's business in its largest European market. Effectively that would mean that if Kalanick ever became CEO again, Benchmark would be able to sell its shares. A representative for Kalanick did not immediately return an NBC News request. At least half the board and half of shareholders would need to approve his appointments, however.

Travis Kalanick, Uber co-founder and CEO and Michael Arrington TechCrunch founder (not shown) talk during a fireside chat at TechCrunch Disrupt SF on Monday, September 8, 2014 in San Francisco, Calif. Instead, the board opted for a surprise pick in Expedia's Khosrowshahi.

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