We Company adds a director, ditches its $5.9 million naming deal with its CEO, remains a governance nightmare
The company formerly known as WeWork, in an amendment to the S-1 that launched dozens of critical headlines, says it has added a new director to its board and unwound the $5.9 million payout to chief executive Adam Neumann over the name “We.”
The new board member is Frances Frei, a professor of technology and operations management at Harvard Business School and a consultant to the company since March 2019.
Frei’s previous claim to fame was rehabilitating the executive and managerial team at Uber Technologies in the wake of a series of fiascos that ultimately brought down the company’s chief executive, Travis Kalanick.
Frei becomes the first woman on the We Company’s board of directors — repairing an oversight which the company received criticism for when it first filed for its initial public offering. Shareholder advocacy groups have pressed for greater diversity on corporate boards as a means to improve company performance and offer a broader range of strategic guidance.
As part of the amended filing, The We Company also committed to add a director to the board that will increase the company’s gender
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