Ousted Uber CEO Travis Kalanick shakes up board of directors

CNN Tech, 09/30/17

Travis Kalanick, the exiled CEO and co-founder who still has a seat on Uber’s board of directors, apparently blindsided the company by appointing two new board members.

Kalanick, who left the CEO role in June amid a series of scandals, does have the right under the board’s current rules to make appointments. However, those rules are at the center of attention in a lawsuit that’s currently on-going.

“I am appointing these seats now in light of a recent Board proposal to dramatically restructure the Board and significantly alter the company’s voting rights. It is therefore essential that the full Board be in place for proper deliberation to occur,” Kalanick said.

Kalanick also said he has “No doubt the Board will be well-served” by his unexpected appointees “As Uber moves into the next phase of growth and prepares for a public offering.”

If by the deadline the board has not approved an initial public offering, but at least a third of the board wants to move forward with an IPO,the approving board members can appoint new board members until a majority is met.

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By |2019-03-05T09:40:48-05:00October 25th, 2017|Categories: News Watch|Comments Off on Ousted Uber CEO Travis Kalanick shakes up board of directors
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