WeWork owner, The We Company, has formed a special board committee to consider p...
FILE PHOTO: The WeWork logo is displayed outside of a co-working space in New York City, New York U.S., January 8, 2019. REUTERS/Brendan McDermid/File Photo
A WeWork spokeswoman declined to comment. We Company directors did not immediately respond to requests for comment. SoftBank will not have a representative, the sources said. It is represented on We Company’s seven-member board by its President Ron Fisher. Former Goldman Sachs Group Inc investment banker Mark Schwartz, who served as a SoftBank director until earlier this year, also sits on the board.
In response, WeWork is seeking to slow down its expansion, reducing the number of new property leases it is taking on and considering layoffs. WeWork may seek to combine the SoftBank and JPMorgan proposals in some form, according to the sources. Neumann’s shares used to have the same voting power as 20 We Company common shares, before he agreed to partially reduce his grip last month - reducing the ratio to 3-1 - in an unsuccessful attempt to make an IPO more attractive to investors.
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