Travis Kalanick, the Uber co-founder who lost his CEO throne in June but remains on its board of directors, saw his grip on the direction of the company bludgeoned this afternoon following a vote to eliminate the special voting powers of stock owned by early shareholders.
Fulfilling some earlier rumours, the Uber board voted to strip certain shareholders, including Kalanick and early Uber investor Benchmark, of the enhanced voting rights baked into the two types of company stock—preferred and class B shares, the New York Times reports.
The move ensures “equality among shareholders,” Uber said in a statement following the meeting, but the board hasn’t exactly kicked Kalanick to the curb.
Kalanick still appears to control three board seats, and new barriers were reportedly not introduced to block the co-founder from one day returning as CEO.
The vote comes after Kalanick went ahead and appointed two new board members—filling every seat on the then-11 member board—without consulting the new CEO.
Khosrowshahi responded with an internal memo to staff, obtained by Recode, which included the following press statement: