San Francisco — Uber directors plan to vote Tuesday
on board reforms and whether to pursue a major stock deal with SoftBank
Group, despite the surprise appointment of two new members by ousted CEO
Travis Kalanick, two people familiar with the matter said.
Those two co-ordinated moves could drastically reshape the ride-hailing company’s governance, while officially kick-starting what could end up being the largest private stock sale in history.
Kalanick, a co-founder who resigned as CEO under fire in June, stunned the board on Friday when he named two former corporate titans to Uber’s embattled board of directors. The nominations of former Merrill Lynch CEO John Thain and former Xerox CEO Ursula Burns came as Uber’s board considered a slate of changes that would strip Kalanick of much of his power.
The moves present yet another challenge for the company, valued at about $70bn, which has been beset by multiple lawsuits in 2017, investigations by US authorities, sexual harassment allegations and an array of vacancies at high-level positions including chief financial officer.
Those two co-ordinated moves could drastically reshape the ride-hailing company’s governance, while officially kick-starting what could end up being the largest private stock sale in history.
Kalanick, a co-founder who resigned as CEO under fire in June, stunned the board on Friday when he named two former corporate titans to Uber’s embattled board of directors. The nominations of former Merrill Lynch CEO John Thain and former Xerox CEO Ursula Burns came as Uber’s board considered a slate of changes that would strip Kalanick of much of his power.
The moves present yet another challenge for the company, valued at about $70bn, which has been beset by multiple lawsuits in 2017, investigations by US authorities, sexual harassment allegations and an array of vacancies at high-level positions including chief financial officer.
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