Uber investor Benchmark Capital, which owns a 13 percent stake in the ride hailing company, is suing founder and former CEO Travis Kalanick and Uber in an attempt to have Kalanick removed from the Board of Directors. Kalanick still owns a 10 percent stake in the company, the lawsuit said.
“Kalanick acquired a disproportionate level of influence over the Board, ensuring that he would continue to have an outsized role in Uber’s strategic direction even if forced to resign as CEO,” according to the suit filed by Benchmark.
Kalanick has reportedly been trying to claw his way back to his position as CEO, using a stacked board to increase his odds of reclaiming his old job, telling people he’s “Steve Jobsing it,” a reference to the fact that Steve Jobs was pushed out as CEO of Apple, only to return as interim CEO a decade later. Investors asked Kalanick to resign in June.
The same investors that petitioned for Kalanick to resign in a letter delivered to the ex-CEO in a Chicago hotel room are also behind this latest lawsuit. Investors presented Kalanick a letter with a list of demands in June, one being that he step down as CEO.