Deals
WeWork Plows Ahead With IPO, Reshapes Board to Counter Skepticism
- Company cuts Neumann’s voting advantage, plans lead director
- Price of WeWork bond jumps on corporate governance changes
This article is for subscribers only.
WeWork is pressing ahead with plans for a public listing, announcing a series of governance changes aimed at shoring up a sagging valuation and assuaging critics who say it gave too much power to a polarizing co-founder.
The company will trim the voting advantage that gives chief executive officer Adam Neumann sway over the board, and no member of his family will be allowed to sit on the board, it said in a regulatory filing Friday. WeWork will also announce a lead independent director by year’s end.