The Uber board unanimously acted towards changing governance within the company on Tuesday. The vote was important in determining how power is shared at the ride-hailing service. As a result, the vote will make it possible for the company to sell some of its stock to SoftBank, a Japanese conglomerate. At the same time, the vote was a huge step towards going public in the next two years. According to a statement from the company, the meeting was attended by 11 members of the board for less than four hours. The aim of the meeting was to act on a proposal that touched on some terms about how the company is run. The proposal had been drafted by the new chef executive Dara Khosrowshahi in partnership with Goldman Sachs. Sachs is an investment banking that owns a substantial stock in the ride-hailing service. According to sources close to the deal, the new measures will see the reduction of some clout by some shareholders of the company including former Uber chief Travis Kalanick. The deal also eliminated the possibility of Mr. Kalanick ever returning as the chief executive of the company. However, due to the sensitive nature of the matter, the sources who talked about the issue expressed their wish to remain anonymous.
Despite some few setbacks, the company was able to pass some changes that would ensure the move with Softbank goes as planned. In the last few months, the Japanese company had carried out negotiations with the company to buy some significant shares in Uber. However, for this deal to go through, some small governance structure altering was needed in an effort to give the early shareholders an incentive to sell. During the vote, they also passed a resolution that will help the company go public by 2019. If the deal goes through, it will be the largest technology offerings in a while. At the moment, the company is valuated at $70 billion and is still closely watched by other start-ups in the region and around the globe. In the last few months, the company’s board members have been split on a number of issues including management and workplace culture in the company. The situation has been made worse by the fractured relationship between Benchmark and Mr. Kalanick. Benchmark is a venture capital firm that is also an early investor of Uber. This is the same company that forced Mr. Kalanick from his position as chief of the company.