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Uber/Lyft

Uber’s Board of Directors Shrinks to Nine Members

Fresh off its IPO, Uber’s board is shrinking from 12 members to nine. On Wednesday Uber said director Matt Cohler, a partner at one of Uber’s early VC backers, Benchmark, would step down. Also leaving is Arianna Huffington, who had been appointed to the board by then-CEO Travis Kalanick in 2016.

Ms. Huffington tweeted that she needed to spend more time on her company Thrive. Shortly after the IPO, Ryan Graves, who was the first CEO of Uber, said he would depart. (Mr. Kalanick is still on the board, after having stepped down from the CEO role in 2017, partly because of pressure from Benchmark.)

A search is underway for a director to fill one of the new board vacancies, according to a person familiar the matter, but the board is not required to fill any of them. The practical impact of the departures—other than CEO Dara Khosrowshahi needing to manage the expectations of fewer people—is unclear. Uber faces a host of financials challenges, and investors are still trying to figure out how to properly value the company

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