Uber board to vote on cutting ex-CEO’s power

Bloomberg

Uber Technologies Inc. directors plan to vote on Tuesday on board reforms and whether to pursue a major stock deal with SoftBank Group Corp. despite the surprise appointment of two new members by ousted Chief Executive Officer Travis Kalanick, two people familiar with the matter said.
Those two coordinated moves could drastically reshape the ride-hailing company’s governance, while officially kick-starting what could end up being the largest private stock sale in history.
Kalanick, a co-founder who resigned as CEO under fire in June, stunned the board Friday when he named two former corporate titans to the startup’s embattled board of directors. The nominations of former Merrill Lynch CEO John Thain and former Xerox CEO Ursula Burns came as Uber’s board considers a slate of changes that would strip Kalanick of much of his power.
The moves present yet another challenge for the ride-hailing company, valued
at about $70 billion, that has been beset this year by multiple lawsuits, investigations by US authorities, sexual harassment allegations, fights over operations with municipalities from New York to London and an array of vacancies at high-level positions including chief financial officer.
The reforms would also create a high hurdle for Kalanick to return as CEO.
Any former officer of the company would require two-thirds vote of support from shareholders and the board.