Reined In
Uber’s board of directors has introduced governance changes to trim former CEO Travis Kalanick’s influence in the company and also pave the way for investment from SoftBank. The new rules limit Kalanick’s voting powers, making it difficult for him to return as the CEO of Uber. Earlier, Travis had three seats in the board and one-third of Uber’s Class B common stock, which gave the owner 10 votes per share. However, under the new arrangement, the board size has been increased to 17, and members will now each have one vote per share.