Thursday, August 10, 2017

Ousted Uber CEO Kalanick sued for fraud, mismanagement

Benchmark Capital, one of Uber’s first investors, is now suing Uber’s former CEO for “fraud, breach of contract and breach of fiduciary duty,” according to Axios. The suit alleges Travis Kalanick intends to pack the board with “loyal allies in an effort to insulate his prior conduct from scrutiny and clear the path for his eventual return as CEO — all to the detriment of Uber’s stockholders, employees, driver-partners, and customers.” This is a reference to a June 2016 vote where Kalanick implored Uber’s board to increase the voting directors from eight to 11 seats, with Kalanick maintaining the right…

This story continues at The Next Web

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