Uber's Board Approves Changes to Reshape Company's Power Balance

Uber's Board Approves Changes to Reshape Company's Power Balance

Uber's Board Approves Changes to Reshape Company's Power Balance

"SoftBank's interest is an incredible vote of confidence in Uber's business and long-term potential", the board said in statement.

According to The Wall Street Journal, SoftBank invested around $1.25bn in Uber previous year, and now it could disburse an additional $9bn in shares from other investors and employees.

That would include about $1 billion in new Uber shares at the current $68 billion valuation, with the rest earmarked for buying shares from current investors at a discount, the sources said. It would make Uber's board more than twice as large as the average private company and bigger than most public firms, according to the National Association of Corporate Directors, a trade group. 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 board set up incentives which will likely prompt Uber, the world's most valuable startup at an estimated $69 billion, to conduct an initial public offering by fall 2019. He wrote: "Travis appointed two new members to Uber's Board without discussing it with me or the Board of Directors more broadly". The decisions bode poorly for Uber founder Travis Kalanick, who has sought to retain his influence over the company after stepping down as CEO in June, and could pave the way for broader changes in Uber's global operations.

On Friday night, former CEO Travis Kalanick surprised the company by appointing two new members to the board, apparently without notifying the company and other board members.

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.

Uber has disputed the regulator's specific findings, but acknowledged it pushed the limits with its business practices.

Jo Bertram will leave Uber U.K.in the next few weeks to take up an undisclosed new role outside the company.

Uber, which has accumulated financial losses, has been caught up in a whirlwind of controversy, facing allegations of sexual harassment, theft of technology, corruption and the use of illegal software.

Uber's British management has been criticized by London Mayor Sadiq Khan, who is also chair of TFL.

The new boss of Uber will hold crunch talks with London's transport commissioner on Tuesday after the firm's licence was not renewed.

A judge on Tuesday delayed until December 4 the start of the trial in Waymo's suit against Uber over swiped self-driving vehicle technology, giving the unit of Google-parent Alphabet time to study fresh evidence.

Directors at the San Francisco company are optimistic about passing a share sale of as much as $10 billion, though it's possible the board will need to accept certain compromises to reach consensus, said the people, who asked not to be identified because the deliberations are private.

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