Sunday, 15 July 2018
Latest news
Main » Uber hails 'constructive' meeting with TfL bosses

Uber hails 'constructive' meeting with TfL bosses

06 October 2017

In this setup, all shareholders will eventually have only a single vote per share, irrespective of the class of company stock they own. Benchmark led a board revolt to oust Kalanick as chief executive officer, and directors are divided about what role Kalanick now should play.

In addition to these challenges, Uber's board now faces a new trial: on October 3, the board set a deadline to make the company public by 2019. If it doesn't, Uber will lift some restrictions on shareholders from selling their stakes.

The meeting followed TfL's decision to revoke Uber's license to operate in London amid safety fears. Kalanick had power over those two empty seats, and he appointed Xerox chairwoman Ursula Burns and former Merrill Lynch CEO John Thain.

Uber has disputed the regulator's specific findings, but acknowledged it pushed the limits with its business practices.

Amit Shah: Pinarayi Vijayan responsible for violence in Kerala
The BJP leader said political violence shoots up in Kerala whenever the Communist Party of India-Marxist (CPI-M) comes to power. The JanaRakshaYatra, a protest march to expose the atrocities against BJP and RSS workers, was kicked off from Payyannur.

It has been a rough 2017 for the global ride-hailing giant.

Kalanick, who was pressured to resign in June as head of Uber, retains sizable voting rights in the privately-held company due to his "super-vote" shares. And all of that backlash only emboldened its global competitors.

Uber's founder Travis Kalanick said: "Today the board came together collaboratively and took a major step forward in Uber's journey to becoming a world class public company". He will keep his board seat, as will Thain and Burns.

John Colley, of Warwick Business School, professor of Practice in the Strategy and International Business group has commented: "Uber has a major cultural problem which has been found to be sexist, macho and lacks concern for regulation of nearly any sort". Benchmark is a major proponent of the changes while Kalanick is opposed.

Honeypreet arrested by Haryana Police from Punjab
The Dera followers have said that Ram Rahim was jailed as he is Hindu and such organisations often fall target to accusations. She also travelled along with him in a special chopper which ferried them to Rohtak from Panchkula after the conviction.

Pending the sale of those shares, Benchmark has agreed to drop its lawsuit against Kalanick, the person said. The reforms are also contingent on the deal going through. The governance plan the board approved was a compromise.

The talks happened as Uber faces the departure of its London boss and pressure in the United States over former CEO Travis Kalanick's influence over the company after he appointed two new board members with little notice. Though unlikely to make all the concessions sought by fellow board members, Kalanick has shown willingness to cut supervoting rights in the name of strengthening governance, one of the sources said.

Numerous changes have the effect of restricting Kalanick's role at the company, while not specifically targeting him.

In a statement emailed to The Mercury News organization by his spokesman, Kalanick wrote it was important to appoint the new board members when he did. That provision also applies to Khosrowshahi.

UP CM to join 'Jana Raksha Yatra' in Kerala on Wednesday
Before the launch of the 15-day long yatra, Shah offered prayers at the famous Rajarajeswara Temple in Taliparamba of Kannur district.

The firm's new global chief executive Dara Khosrowshahi will meet the TfL commissioner on Tuesday in London in a move backed by the city's mayor, who has criticized the app's management in the Britain but welcomed Khosrowshahi's apologetic tone and promise of change.

Uber hails 'constructive' meeting with TfL bosses