Uber has stripped power from its founder and former CEO, Travis Kalanick, part of an ongoing struggle to move past a scandal-plagued mess at the company. Also, board members will all vote on an equal scale. Related: Uber board weighs reducing former CEO's powerAdding board members -- two for Softbank, plus four independent directors, including a new independent chair -- blunts Kalanick's influence. Kalanick and Benchmark own special shares held by early investors that previously gave them 10 times the number of votes of other board members. The Japanese company also committed to spend billions more purchasing between 14% and 17% of the company's shares already held by current stakeholders at a discounted rate.

Source: CNN October 04, 2017 02:13 UTC