by The Lex Column
Uber’s new chief executive says the company might go public between 2019 and 2021. He should go sooner. In Dara Khosrowshahi’s first meeting with employees on Wednesday he told them that – although public life “sucks” because of investors’ short-term focus – the ride-hailing app would eventually do an initial public offering.
In reality, Uber has helped repudiate the idea that venture-backed companies should defer IPOs indefinitely. Employees have been left demoralised – or just left – as Uber’s sexual harassment scandal spiralled out of control. An ineffective board failed to impose discipline on executives and then indulged in damaging lawsuits.
Not every public company imposes strong governance but it is hard to imagine that a traditional shareholder base would have allowed the situation to fester.
Public enemies aver that Uber’s…