Uber Agrees To Limit Power Of Former CEO

Photo via Flickr user Adam Tinworth
Photo via Flickr user Adam Tinworth

In a statement, the ride-hailing firm said the board "voted unanimously to move forward with the proposed investment by SoftBank and with governance changes that would strengthen its independence and ensure equality among all shareholders."

The changes they made to comply with the Japanese telecom titan's request for a shift in governance structure includes removing special voting powers that come with certain types of Uber stock. Former CEO Travis Kalanick, for instance, owns a third of what's called the Class B common stock, which had a 10-to-one voting power. Now each share equals to one vote only.

Engadget article here

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