Letter To Uber Staff: Benchmark Says It Should Have Sued Ex-CEO Sooner

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via Twitter on Aug. 7.

“Despite speculation to the contrary, Benchmark is incredibly optimistic about Uber’s future,” the venture firm wrote then, less than a week before suing Kalanick. “We are long Uber: Benchmark’s comparative valuation analysis shows Uber could comfortably be worth over $100B in just two years.”

In today’s statement, Benchmark did say, “Uber is the most important and promising company of our generation.” But the venture firm said Uber will only reach its full potential “if we get rid of the roadblocks and distractions that have plagued Uber, and its board, for far too long.”

In spite of the fact that Uber’s board agreed to adopt a raft of recommendations by Holder and Albarrán of law firm Covington & Burling, “many of the most important issues agreed to by the board remain unaddressed,” Benchmark wrote.

Not only is the CEO position vacant, but Uber has also operated without a chief financial officer for more than two years, Benchmark said.

“This cannot be justified, given the scale and complexity of the business, and is symptomatic of the broader problems with past management practices,” Benchmark wrote to Uber employees. “We hope that our lawsuit will help expedite the CFO search.”

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Bernadette Tansey is Xconomy's San Francisco Editor. You can reach her at btansey@xconomy.com. Follow @Tansey_Xconomy

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