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Kalanick Loyalists Move to Force Benchmark Off Uber’s Board

11 months ago0 views

Kalanick Loyalists Move to Force Benchmark Off Uber’s Board
“We do not feel it was either prudent or necessary from the standpoint of shareholder value, to hold the company hostage to a public relations disaster by demanding Mr. Kalanick’s resignation, along with other concessions, on a few hours’ notice
and within weeks of a personal tragedy, under threat of public scandal,” said the letter, which was signed by Mr. Pishevar and claimed to represent other shareholders.
In a letter sent to Benchmark on Friday, Shervin Pishevar, a venture capitalist at Sherpa Capital, demanded
that the firm relinquish its seat on the Uber board and sell its shares in the company to outside investors, according to a copy of the letter obtained by .
SAN FRANCISCO — A group of Uber investors have formed an alliance to push Benchmark, a major shareholder in the
ride-hailing company, off the board of directors, the latest escalation of a public feud in Uber’s top ranks.
The letter did not specify how many people beyond its three signatories — including Ronald Burkle, chairman of Yucaipa Companies,
and Adam Leber, a partner at Maverick Management — support Mr. Pishevar in his opposition to Benchmark.
The request came less than 24 hours after Benchmark filed a lawsuit against Travis Kalanick, Uber’s
former chief executive, accusing him of fraud, breach of contract and breach of fiduciary duty.
In an email to its employees, the Uber board said “it has urged both parties to resolve the matter cooperatively
and quickly, and the board is taking steps to facilitate that process

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