San Francisco: Uber's board of directors on Wednesday approved a plan that reins in the influence of ousted chief executive Travis Kalanick and opens the door to a colossal investment by Japanese telecommunications giant SoftBank.
The proposal adopted by Uber's board also promised to put an end to in-fighting between Kalanick supporters and investors who suspected the co-founder was plotting a wily return to the head of the company.
"On Wednesday, after welcoming its new directors Ursula Burns and John Thain, the board voted unanimously to move forward with the proposed investment by SoftBank and with governance changes that would strengthen its independence and ensure equality among all shareholders," Uber said in an emailed statement.
"SoftBank's interest is an incredible vote of confidence in Uber's business and long-term potential, and we look forward to finalizing the investment in the coming weeks."
If the investment goes ahead as proposed, Softbank would directly pump between $1 billion and $1.25 billion into Uber at the San Francisco-based startup's current valuation of $69 billion, according to a source familiar with the matter.