Economy

Uber investors seek to oust Benchmark after 'destructive' lawsuit

Uber investors seek to oust Benchmark after 'destructive' lawsuit

Benchmark's lawsuit led some investors earlier today to urge the investment firm to vacate its place on the board and divest enough shares so that it would no longer have board voting rights.

San-Francisco-based Uber is still seeking a new CEO and on Thursday its global operations chief revealed to staff in an email that he would be standing down from the role in mid-September.

Technology investors around Silicon Valley termed this as "the nuclear option" for a venture capital firm.

The suit revolves around a decision a year ago to increase Uber's board from eight seats to 11, with those additional three seats in the sole control of Kalanick.

A spokesperson for Mr Kalanick said the legal action is "completely without merit and riddled with lies and false allegations".

The mismanagement Benchmark cites in the case includes sexual discrimination claims brought against Uber earlier this year, as well as the acquisition of autonomous trucking company Otto, which has led to a trade secret case filed against it by Google-owned self-driving vehicle unit Waymo.

Benchmark isn't actually suing Uber, the company itself. But he quickly appointed himself to one of the three board seats. He also agreed to relinquish control of the other two new seats, but Benchmark alleges that he's not yet signed the document that would make that official.

Читайте также: Mo Farah Fails to Win 5000m Gold Medal at IAAF World Championships

Benchmark filed a lawsuit on Thursday that seeks to force Kalanick off the board and accuses him of concealing a range of misdeeds and scheming to retain power at the company even after he was forced to resign as chief executive in June.

The outcome of an emergency board meeting on Friday to address Uber's warring factions could not be determined at press time. In doing this, Benchmark says Kalanick will bypass scrutiny for past actions and help "clear the path" to becoming once again Uber's leader.

Benchmark is asking the court to invalidate the agreement to increase the board by three seats and kick Kalanick off the board altogether.

Axios, which first broke the story, quoted a Kalanick spokesman who called the suit "a transparent attempt to deprive Travis Kalanick of his rights as a founder and shareholder".

Already Camp has said Kalanick will not return as CEO, despite reports that he has been angling to do just that.

In the past year alone, Kalanick has been accused of fostering a toxic work environment ridden with sex-harassment allegations, bleeding top talent and stealing trade secrets by hiring a Google executive to lead its driverless-car initiative. No worries. There are plenty of vehicle safety features that are available, affordably, for ALL cars, not just new ones.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2018 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог


  • China says dialogue vital to tackle Korean peninsula crisis

    China says dialogue vital to tackle Korean peninsula crisis

    Tillerson held a rare round of talks with his counterparts from countries including China , Russia and South Korea . Duterte's statement came amid the standoff between the United States and North Korea over the Korean peninsula.
    'Game Of Thrones' actor reveals whether the old Bran Stark is 'dead'

    'Game Of Thrones' actor reveals whether the old Bran Stark is 'dead'

    After the characters have spent so many seasons scattered and driven apart, it's a sign of how far along the show has progressed. This episode was full of basically everything fans love about Game of Thrones , three words sum it up, fire breathing dragon.
    NCP, Congress rift may be temporary

    NCP, Congress rift may be temporary

    Congress Party is seeking to mount a united fight against the BJP . Rahul Gandhi said the BJP government must punish the guilty.
  • SpaceX's Dragon Spacecraft to Launch First supercomputer to ISS Next Week

    SpaceX's Dragon Spacecraft to Launch First supercomputer to ISS Next Week

    The American conglomerate has officially announced the launch of a supercomputer into Space Station next week. The two COTS aboard the ISS will sit side-by-side in an ISS EXPRESS Rack locker in the Destiny Module.
    35 children die in north Indian hospital in 3 days

    35 children die in north Indian hospital in 3 days

    But hospital sources inform that hospital administration was aware of oxygen shortage, but it never paid any attention to it. Chief Minister Yogi Adityanath has ordered a probe into the case and has assured strict action against the guilty.
    Benjamin Mendy, Ilkay Gundogan out for Manchester City

    Benjamin Mendy, Ilkay Gundogan out for Manchester City

    Intelligent players don't need time to be involved in the way we want to play. "Sooner or later it's going to finish". On the other hand, Brighton & Hove Albion will try to give it all for a win in club's first-ever Premier League game.
  • UP MSP's directive on national song, national flag welcomed by BJP

    UP MSP's directive on national song, national flag welcomed by BJP

    Earlier in the day, the UP MSP issued a circular in this regard and asked all madrasas affiliated to it to comply with its orders. It's for the first time that madarsas have been asked to hold cultural programmes on Independence Day and record the event.
    Paul Pogba says Manchester United 'want to win everything' this season

    Paul Pogba says Manchester United 'want to win everything' this season

    Matic was frustrated with the result but has called on United to turn their full focus to Sunday's league opener against West Ham.

    US Stocks Poised for Weekly Decline

    In other words, investors are dumping stocks and buying bonds, which many view as a safe haven in times of turmoil. The pan-European Stoxx 600 ended over 1% lower to a five-month low with nearly all sectors in negative territory.
  • Nigerian forces in 'unauthorized search' of United Nations  camp

    Nigerian forces in 'unauthorized search' of United Nations camp

    According to him, the military recorded significant success in various operations conducted in the theatre in the past two weeks. The military confirmed the incident in a separate statement, saying the action was in line with the ongoing search efforts.
    Justice Minister: Trump's rhetoric around North Korea 'unhelpful and scary'

    Justice Minister: Trump's rhetoric around North Korea 'unhelpful and scary'

    A Senate foreign relations committee aide said there have been no member-level briefings on North Korea this week. Speaking from New Jersey Friday afternoon, President Trump noted why he thinks his words are being criticized.
    Craig Shakespeare expects Danny Drinkwater to stay at Leicester this summer

    Craig Shakespeare expects Danny Drinkwater to stay at Leicester this summer

    However, The Telegraph claim the Stamford Bridge club have not given up on the 27-year-old and are preparing a second offer. The speculation is always going to be out there at this time of year.