Travis Kalanick is attempting to loosen the barriers to his sway in the board that were written in the provisions of the proposed agreement with investors led by SoftBank Group Corp, the Wall Street Journal learned. Uber Technologies Inc.'s cofounder, who has stepped down from the position of chief executive amid numerous scandals and regulatory hurdles, disagrees with the clause stipulating he needs a majority vote for any new members he appoints, according to people familiar with the matter that were quoted in the article published on Wednesday.
Insiders said the ride-hailing powerhouse's official demands a stay of proceedings for a while in Benchmark Capital Holdings Co. Llc's case against his powers over two seats among directors. His alternative proposition is for the lawsuit to be dropped after the $10 billion investment is official, the sources revealed. Benchmark's has signaled it is ready to give up on the suit if the board issues are addressed in the agreement with the Japanese internet giant and its group.
General Atlantic Llc and Dragoneer Investment Group are members of SoftBank's consortium.
