Benchmark explains why they're suing Uber's Travis Kalanick

Travis Kalanick

The firm believes Kalanick's day-to-day involvement with the company is undermining its search for his replacement. "But we acted out of a deep conviction that it would be better for Uber, its employees, and investors to have a fresh start", the letter states. It claims Kalanick is trying to pack Uber's board with his allies and eventually return to his post as CEO. "And that will only happen if we get rid of the roadblocks and distractions that have plagued Uber, and its board, for far too long".

In the open letter addressed to everyone working at the cab-hailing firm, Kalanick's existence on the board of member is harming its ability to search for a new CEO.

Spokespeople for Uber and Kalanick did not immediately respond to a request for comment.

Take the money and run is the new Uber benchmark.

Other Uber shareholders led by Shervin Pishevar of Sherpa Capital have vehemently opposed Benchmark's lawsuit.

The company which calls on a DE court to bar Kalanick from tinkering with the Uber board. The shareholders reportedly are demanding Benchmark sell at least 75 percent of its Uber holdings - thereby vacating its board seat - saying they have investors standing by waiting to buy them.

In the lawsuit, Benchmark claims Kalanick concealed material information from investors when he created three new board seats in 2016 and gave himself the right to appoint people to those seats. "These actions do the opposite". It also pointed out that Uber has been operating without a CFO for over two years.

The fractured Uber board is now considering proposals by investing groups that want to buy Uber shares from existing holders of the company's shares, according to an account of the internal deliberations by Isaac and Katie Benner in the Times on Sunday.

All this in addition to a suit from Waymo, Google's autonomous vehicle division, alleging that intellectual property from Waymo was stolen and used by Uber's own self-driving researchers.

But he has a tough task ahead of him.

While the investors say they agree there are issues within Uber, they call Benchmark's tactics "ethically dubious and, critically, value-destructive rather than value enhancing".

Nevertheless, he doesn't think Uber's recent board troubles will be the company's downfall.

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