Uber board to proceed with SoftBank deal

The move will diminish the power of co-founder Travis Kalanick

Uber Technologies will move forward with a major investment deal from SoftBank Group and approved a slate of governance reforms that will limit the influence of co-founder Travis Kalanick and early backers.

The 11-person board voted unanimously Tuesday to approve sweeping changes to the company's power structure, the San Francisco-based company said. The plan would expand the size of the board to 17 seats, people familiar with the matter said. The unusually large board would accommodate two spots for SoftBank representatives and more independent voices. The SoftBank deal isn't yet finalised, but board approval represents a major step.

SoftBank will invest $1