Uber’s days without drama resets back to zero

SHARING IS CARING!
Share on Facebook0Share on Google+0Tweet about this on TwitterPin on Pinterest0Share on Reddit0

Your scandal is coming now.
Image: ALTAFFER/AP/REX/SHUTTERSTOCK

Remember #DeleteUber?

So much has occurred because people complained about Uber CEO … err rather … former CEO Travis Kalanick being on President Donald Trump’s advisory council and Uber quitting spike pricing during Trump’s travel ban.

It’s like we can’t go a day with no Uber-related drama.

Case in point: On Friday, a bunch of Uber shareholders asked by means of a strongly worded email that venture capital firm Benchmark step down from Uber’s board of directors. That news came just a day after Benchmark filed a fraud lawsuit against Kalanick, asking a judge to kick against him off the plank.

Uber declined to comment. According to the terse email, acquired by Axios, that first reported the latest drama, the board members aren’t pleased with Uber’s dirty laundry being aired out in the media.

For a group of shareholders of Uber Technologies, Inc. (the Company) we were amazed and distressed to learn through the media of this lawsuit brought by your firm against the Company, and its founder and former Chief Executive Officer Travis Kalanick.

This group of shareholders need less drama, and they believe Benchmark just created more of it using this lawsuit. Everybody ought to be focused on the CEO search, they say.

Let us break down the rest of the email:

The bankers aren’t necessarily cheering for Kalanick, who had been forced to resign after several people scandals.

Naturally, we share your concerns about the issues that the Company has faced lately, but we’re greatly concerned about the approaches employed by Benchmark to tackle them, which attack us as ethically dubious and, critically, value-destructive instead of worth enhancing.

However they do give some sympathy, mentioning the loss of his mom.

Especially, we do not believe it was either wise or necessary from the perspective of customer value, to hold the business hostage into a public relations disaster by demanding Mr. Kalanicks resignation, along with other concessions, either on a few hours notice and within weeks of a personal catastrophe, under threat of public scandal.

Benchmark’s lawsuit listed several scandals the company has faced, where Kalanick had been directly involved. Included in these are allegedly stealing intellectual property from Google, getting a rape victim’s medical records, and conducting a business with a disaster of a human resources department. The bankers did not like some of it.

Even less so your escalation of the fratricidal course considers Mr. Kalanicks resignation throughout your recent lawsuit, and that we fear will cost the business public goodwill, hinder fundraising and slow the critical search for a new, world-class Chief Executive Officer. Benchmark has used false allegations from suits like Waymo as a matter of fact and this and many actions has spanned the fiduciary line.

The bankers also known as Benchmark for getting a lot of money on the table.

Benchmarks investment of $27M is worth $8.4 billion today and you are suing the founder, the business and the employees who worked so tough to make such unprecedented value. We ask you to please think about the lives of those employees and permit them to continue to grow this business in peace and make it thrive. These actions do exactly the opposite. Accordingly, we’d ask that Benchmark assist the Company realize its entire potential by allowing the essential work to be completed in the Board Room instead of the Courtroom.

So, basically, they are saying, get out.

To this end, at this time, in light of your suit against the Company, we think it would be best, and hereby request, that Benchmark remove its representative from the Companys Board and proceed promptly to divest itself of enough shares in the Company in order to stop to have Board appointment rights.

Because other people need in.

We’ve got investors prepared to get these shares as soon as we receive communication from Benchmark that they are ready to withdraw their lawsuit and sell a minimum of 75% of their holdings.

Incidentally, there’s a board meeting Friday so let’s make this quick.

We’re also requesting a symbolic Board of Directors vote on this subject at todays Board meeting to reveal how the Board of Managers stands with this lawsuit brought against the business, its founder and the 15,000 employees of Uber who have all worked so hard in concert to make the fastest growing company ever. Many different shareholders share our perspectives and will be adding their names in the days ahead. Any shareholders who want to combine this letter and petition may email one of our signatories of the letter so that we can submit a last list of shareholders who support this request.

Another day to get headless Uber.

Read more: http://mashable.com/

SHARING IS CARING!
Share on Facebook0Share on Google+0Tweet about this on TwitterPin on Pinterest0Share on Reddit0