Uber says CEO's meeting with London regulator was 'constructive'

FILE- Then Uber CEO and co-founder Travis Kalanic

The directors also made a decision to pursue governance changes at Uber "that would strengthen its independence and ensure equality among all shareholders", it said, citing a company statement.

As per the Reuters report, the deal could be subject to a lawsuit and is contingent on the multi-billion dollar investment by Japan's SoftBank Group Corp closing in the coming weeks. The Japanese firm plans to invest as much as $1.25 billion at Uber's current valuation of almost $70 billion, and then buy up to an additional $10 billion worth of shares at a valuation of around $50 billion, Recode reported Tuesday.

Major investors who are unhappy with the leading smartphone-summoned ride share startup, or who want to cash-in on early investments that have multiplied in value, could take SoftBank up on the offer. It would make Uber's board more than twice as large as the average private company and bigger than most public firms, according to the National Association of Corporate Directors, a trade group.

The special supervoting shares that concentrated power in the hands of Kalanick and other insiders, will be annulled.

The board also endorsed Uber going public with a stock market debut by the year 2019. To prepare for that, the company would create two new board seats for SoftBank as well as hire three additional independent directors and a chairperson, bringing membership on the board to 17 people.

Last week, in an unexpected move, Kalanick used his right to fill two vacant board seats with Burns and Thain. The company has garnered almost 850,000 signatures for a Change.org petition called "Save Your Uber in London". Kalanick, ousted by investors in June, contends that fellow Uber board members are moving too fast on a dramatic restructuring, the sources said.

Kalanick's appointments came ahead of the board's meetings to consider new rules of governance for the company that would change shareholder voting rights and potentially the structure of the board. A series of scandals triggered a lawsuit this summer from major investor Benchmark, which alleged that Kalanick committed fraud in persuading investors to grant him those board seats.

Uber ex-CEO Travis Kalanick has become a divisive figure within the company he founded.

Uber, which has accumulated financial losses, has been caught up in a whirlwind of controversy, facing allegations of sexual harassment, theft of technology, corruption and the use of illegal software.

Several notable events recently occurred in Uber, specifically, with regards to its board.

Both TFL and Uber described Tuesday's meeting between the Silicon Valley firm's new CEO Dara Khosrowshahi and TFL commissioner Mike Brown as "constructive", with the dialogue set to continue.

Uber had a bit of corporate housekeeping to deal with on Tuesday as the company looks to correct course after a choppy year.

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