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Uber board reconciled and brought Softbank's investment

Uber Technologies Inc's policy board unanimously declared peace on Tuesday to end internal strife for months and take steps to shore up new corporate governance, including bringing SoftBank Group Corp in an effort to reduce former CEO Travis Kalanick's strength.

Tinuku Uber board reconciled and brought Softbank's investment

The deal is a concrete move to raise the reputation of a US$69 billion valuation firm due to a series of scandals and legal battles between Kalanick and investors led by Benchmark Capital.

"This is a good day for Uber, a good day for Uber employees, and a good day for Uber's new CEO," said Benchmark General Partner's Bill Gurley.

The Board makes new governance that will make Kalanick even more difficult to return as CEO. Kalanick resigned in June under investor pressure over an employee sexual harassment investigation, trade secret allegation suit by Alphabet Inc's Waymo and disagreements with governments around the world.

Kalanick said the new governance changes should serve Uber well under the leadership of Dara Khosrowshahi, former CEO of Expedia Inc., who just a month became Uber CEO. Two-thirds majority vote of the council ordered Khosrowshahi to conduct an IPO in the fall of 2019.

"A big step forward in Uber's journey to become a world-class public company," Kalanick said.

Uber's board will increase from 11 directors, including two Kalanick appointed on Monday are former Xerox CEO Ursula Burns and former Merrill Lynch CEO John Thain to 17 directors. The bargain will include four new independent directors with a total of seven.

Five board seats will be appointed by the founder and appointed by the investor. The chairman will be held by one of the independent directors. Two of the six new seats will be appointed by SoftBank and the other four will be selected by the board nominating committee. Kalanick and other early shareholders also sacrificed the voting rights.

Shervin Pishevar and Steve Russell as early investors said they would be suing the change for cutting the super-voting rights. Both said the decision by the board essentially robbed loyal employees, including more than 200 employees and Uber's initial advisers for their share rights.

A consortium led by SoftBank, Dragoneer Investment Group and General Atlantic plans to invest US$1 billion to US$1.25 billion. The consortium also plans to buy 14 to 17 percent of Uber's shares from current employees and investors with discount valuations, bringing the package's maximum value to about US$10 billion.


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