Uber bosses open a route to cash in shares worth billions

Posted October 06, 2017

"We're ready to go to trial now, and will be ready after this very brief continuance", Uber said.

Uber's board on Tuesday voted to move forward with a potentially massive investment from SoftBank, as well as with a series of reforms created to re-tool the board's governance structure and limit the influence of ousted CEO Travis Kalanick.

Now, a little more than a month later, the united front on display in that photo has been severely tested. Some of the changes could reduce the voting power Kalanick and other shareholders have.

After several hours of deliberations, Uber's board agreed to a series of sweeping changes that will overhaul the way the board operates and who calls the shots, significantly reducing the power of Uber cofounder Travis Kalanick, a source familiar with the matter told Business Insider.

Since then, Benchmark and Mr. Kalanick have warred over how much control of Uber he retains.

Uber Technologies Inc's [UBER.UL] fractured board declared peace on Tuesday, attempting to put months of strife behind it by unanimously passing a series of measures to shore up corporate governance, bring in major investor SoftBank and diminish the power of former Chief Executive Travis Kalanick. Now, Uber's new CEO #Dara Khosrowshahi is going to be in London Tuesday in order to speak to transport authorities so that the company can resume operations in London.

Other additions to the company include Ursula Burns, former CEO and Chariwoman of Xerox and John Thain, who previously was CEO of CIT Group and the New York Stock Exchange. Those seats are the subject of a lawsuit against Kalanick by Uber's largest venture capital backer, Benchmark.

Uber's licence expired on September 30, but its roughly 40,000 drivers are still able to take passengers until an appeals process is exhausted, which could take several months.

All of Uber's shareholders will eventually have one vote per share, regardless of the class of company stock that they own.

While Kalanick relented on the proposal about super-voting shares, he was able to convince Khorowshahi and the rest of the board to avoid provisions that would have severely restricted him.

Dara Khosrowshahi, chief executive of the company met with Mike Brown of Transport for London (TfL) as Uber seeks to continue operating in the capital. Further steps will take place over the coming weeks'.

"We approved moving forward with the Softbank transaction and reached unanimous agreement on a new governance framework that will serve Uber well", he said.

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

This deal resulted in Uber's board seats expanding from 11 to 17, Recode reports, which really moves the power structure within the company around.

Not everyone was happy with today's results.