Uber-SoftBank Deal Ensures Limits on Kalanick’s Power

SoftBank Group Corp. has overcome a major obstacle to its planned multibillion-dollar investment in Uber Technologies Inc. The Japanese firm agreed to block any attempts to elevate Travis Kalanick, Uber’s controversial former leader, back to the company’s top ranks, according to people familiar with the discussions.

Venture capital firm Benchmark, which led Kalanick’s ouster in June, has sought a guarantee in writing from SoftBank that it would reject reappointing Kalanick as chief executive officer and block his appointment as chairman of the board or head of one of its subcommittees, said the people.

There have been no public proposals like this so far, but Kalanick has privately expressed interest in helping the company in some capacity, said the people, who asked not to be identified because private negotiations are ongoing. Kalanick still retains some power over Uber through his control of three board seats, though two of those remain unfilled.