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

5714552796_44e6106efd_z

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.

Related News:



Most liked

Serena Williams: 'If anything, this pregnancy has given me a new power'
I told Alexis it has to be a girl because there I was playing in 100-degree weather, and that baby never gave me any trouble. Well now, in a tell-all interview to Vogue , Serena has finally opened up about the entire episode and it is a must read.

Will N. Korea's Kim Pull the Trigger? Possible Signs to Watch
And he warned that 'if they fire at the United States, it could escalate into war very quickly'. China, North Korea's only major ally, has urged restraint.

Government sets out post-Brexit customs plan
The government will set out its proposed solutions for the border between Northern Ireland and Ireland in detail on Wednesday. The government admitted there would be "an increase in administration compared with being inside the EU Customs Union".

Pentagon denies civilians killed in Afghanistan airstrike
The previous attack targeted a prayer ceremony, and the US similarly claimed that the praying civilians were "ISIS members". Officials added that because the vehicles were in the middle of nowhere "there was zero chance of civilian casualties".

Triple H Downplays Rumors Of Ronda Rousey's Involvement With WWE
Ronda had this aura of invincibility that we've never seen before". "It was the most fantastic stuff she had felt and heard". I know she was there to support her friend Shayna Baszler , who did phenomenal in the tournament and is very skilled.

Sri Lanka and Pakistan to play day/night Test in Dubai
Not only their batsmen, bowlers like R Ashwin and Ravindra Jadeja have run through the opponents batting line-up. People sometimes end up doing too much at practice, and then, maybe, you don't recover for a game.

36 killed, dozens injured as trains collide in Alexandria, Egypt
Dr Abu Homs, head of the city's ambulance services, said he fears the death toll and number of injured could rise further. The statement did not say what caused the accident, saying only that the authority's experts would be investigating.

PGA Championship to Move from August to May Starting in 2019
He fell back with a bogey on 16 and made the turn in even-par 36 before bogeying the first, fifth and sixth holes. The PGA Championship will move from August to May, starting in 2019, the PGA of America announced on Tuesday.

UNESCO World Heritage Site in China hit by an quake
Among the dead are six tourists and two local residents while the rest have yet to be identified. According to local officials, 45 people have sustained grave and 56 - moderately grave injuries.

Israeli Retaliatory Airstrikes on Hamas Positions in Gaza Injure 4 Palestinians
According to the IDF, the rocket was launched from Gaza and landed in an open area, causing no injuries or damage. From the Gaza strip into Israel a rocket was sacked , reports the Times of Israel, citing the Israeli military.

Disney severs ties with Netflix to set up online offering
The new streaming services are a way to connect directly with consumers and take advantage of new viewing habits. Walt Disney aims to take a slice of the video streaming market with the launch of its very own service.

Beijing taking charge in debate on South China Sea
Previous year his confrontation with a Canadian reporter over China's human-rights record generated Internet memes at home. The two participated in other multilateral meetings in Manila, including one between China and the 10 ASEAN ministers.

PAN Card Validity Check
In that case, you will have to additionally provide your father's name and other identification details. The mobile number that you enter on this page needs to be the same one that you had for your PAN card.

Mbete says secret ballot is in best interest of SA
She told journalists that she had a duty to act responsibly when exercising her constitutional powers. The main opposition Democratic Alliance party urged ANC lawmakers to vote Zuma out.

Johnson and Pieters pace Bridgestone field
I haven't holed any putts so far in the week, and then today I managed to match the speed up with my lines and hole some putts. Thomas Pieters and Zach Johnson are tied for the lead at 9 under after draining dramatic birdie putts on the 18th hole.