Uber Will Proceed With SoftBank Deal, Limit Kalanick’s Power
- Board seats will increase to 17, making room for SoftBank
- Change to stock reduces influence of early leaders and backers
Uber Approves Softbank Investment
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Uber Technologies Inc. will move forward with a major investment deal from SoftBank Group Corp. and approved a slate of governance reforms that will limit the influence of co-founder Travis Kalanick and early backers.
The 11-person board voted unanimously Tuesday to approve sweeping changes to the company’s power structure, the San Francisco-based company said. The plan would expand the size of the board to 17 seats, people familiar with the matter said. The unusually large board would accommodate two spots for SoftBank representatives and more independent voices. The SoftBank deal isn’t yet finalized, but board approval represents a major step.