Director’s at the American private hire company Uber had voted to allow Japan’s Softbank Group to invest in the ride services company, and also has approved a series of governance changes that will allow independence of the board and will decrease the influence of former chief Travis Kalanick.

 

Uber Seeks to Built its Reputation

The company is trying to shore up its reputation after a progression of outrages and to move past a fight amongst Kalanick and Uber financial specialists led by Silicon Valley’s Benchmark Capital.

Uber in a statement has agreed to move forward with the Softbank deal in coming weeks and governance changes at the company that would strengthen its independence and ensure equality among shareholders.

 

Allowing Investors to Buy Shares

Group of investors including Softbank, Dragoneer Investment Group and General Atlantic would be allowed to buy $1 billion to $1.25 billion of new Uber shares and 14 to 17 percent of stock from current investors at a discounted valuation, said a person familiar with the matter.

A second source said governor changes include expanding the size of board from 11 to 17 directors, three independent directors, independent chairperson, and two seat controlled by Softbank.

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