Uber’s board is reportedly planning to strip cofounder Travis Kalanick of his power

 

Uber co-founder Travis kalanick

Uber co-founder Travis kalanick

Uber’s board is considering whether to strip Power from Travis kalanick and former CEO, of his power after he abruptly appointed two new board members without consulting the company major stakeholders and leaders, according to Bloomberg.

The board plans to hold a vote on Tuesday on changes to its board and whether to pursue a huge $10 billion stock deal with Japanese tech powerhouse Softbank, according to two Bloomberg source who are said to be familiar with the matter.

Both matters will create a huge impact on uber’s governance structure. The potential changes will have three major objectives, according to Bloomberg.

They are:

  1. To prepare the company towards a stock market listing in next two years
  2. To create equal voting power among shareholders;
  3. And to limit Kalanick’s power as a shareholder and board member.

Kalanick, who resigned from his post as CEO in june amid criticism over the company’s culture, holds three of the 11 board seats at uber: his own and two previously vacant seats.

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