Friday, August 11, 2017

Uber Backer Benchmark Sues to Kick Kalanick Off Board - Bloomberg

Perhaps in part a response to Travis Kalanick is telling people he will pull a Steve Jobs and return as Uber's CEO (Business Insider); also see Benchmark’s lawsuit has one major goal: Get Travis Kalanick off Uber’s board (Recode)
"Benchmark’s lawsuit “is a big deal,” said David Larcker, director of Stanford University’s Corporate Governance Research Initiative. “When your largest and most substantial VC sues the founder for governance concerns, it’s a big problem.”

Benchmark contends that Kalanick “fraudulently gained control” of three board seats by hiding his “gross mismanagement” of the company. In May, Kalanick approached certain investors, including Benchmark’s Gurley, seeking approval to add three new seats to the eight-member board. He repeatedly touted his abilities to manage the company and failed to disclose issues that would have caused Benchmark to question the appropriateness of the additional board seats, according to the complaint."
Uber Backer Benchmark Sues to Kick Kalanick Off Board - Bloomberg
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