Investors Sue to Boot Kalanick From Uber Board
Benchmark Capital Partners on Thursday filed suit in the Delaware Court of Chancery to remove Travis Kalanick, the former CEO of Uber Technologies Inc., from the company's board.
August 10, 2017 at 05:26 PM
2 minute read
Benchmark Capital Partners on Thursday filed suit in the Delaware Court of Chancery to remove Travis Kalanick, the former CEO of Uber Technologies Inc., from the company's board.
In the 38-page complaint, Benchmark accused Kalanick of fraud and breaches of contract and fiduciary duty related to the creation of three new seats on the Uber board. The suit said Kalanick had intentionally hidden “gross mismanagement and other misconduct,” at Uber, factors which led Benchmark to press for his ouster in June.
According to the complaint, Kalanick improperly appointed himself to one of the newly created seats in order to entrench himself on the board and return to Uber as CEO.
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