Shortly after a group of Uber shareholders asked Benchmark to relinquish its spot on Uber’s board of directors, Sherpa Capital’s Shervin Pishevar is..
Shortly after a group of Uber shareholders asked Benchmark to relinquish its spot on Uber’s board of directors, Sherpa Capital’s Shervin Pishevar is petitioning Benchmark via Change.org to remove itself from Uber’s board. The petition also asks Benchmark to sell at least 75 percent of its stock so that the firm no longer has rights to appoint members to Uber’s board of directors.
“We have investors ready to acquire these shares as soon as we receive communication from Benchmark that they are willing to withdraw their lawsuit and sell a minimum of 75% of their holdings, ” the petition states.
Benchmark is suing former Uber CEO Travis Kalanick, alleging violation of fiduciary duty and fraud by seeking to “increase his power over Uber for his own selfish ends.” Benchmark’s lawsuit ultimately seeks to remove Kalanick from the board. Since filing the lawsuit, the tables have turned, and a group of shareholders is now asking Benchmark to remove itself from the board.
Uber’s board of directors has also spoken out against the lawsuit, saying it’s “disappointed that a disagreement between shareholders has resulted in litigation .”
Now back to the petition. At the time of publication, Pishevar’s petition had just 41 supporters. Change.org will deliver the petition to Benchmark once it hits 100 supporters. A source says Pishevar has sent the petition to some fellow Uber investors, asking them to get on board.
Why Pishevar thinks Change.org will be more effective, I’ m not sure. I’ ve reached out to him and will update this story if I hear back.
Here’s the full petition:
