Uber's Board of Directors Votes to Reduce Travis Kalanick's Influence
Uber's board of directors, meeting on Tuesday, Oct. 3, approved changes that left former company CEO Travis Kalanick with less clout at the ride-sharing company, according to a New York Times report.
The meeting rejiggered the company's corporate governance enough to make an investment palatable to Japan's SoftBank. SoftBank is expected to invest between $1 billion and $1.2 billion at Uber's current valuation of about $70 billion. Uber's 11 directors "approved some of the terms from a proposal put forward last week by Dara Khosrowshahi, Uber's new chief executive, and Goldman Sachs, the investment bank that is an investor in the privately held company," according to the Times. The meeting led to a reduction in the influence of some Uber shareholders, including Kalanick, but the board also dropped a proposal that would have made it more difficult for Kalanick to regain his CEO position at some point in the future.
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