WeWork CEO Adam Neumann has returned about $5.9 million worth of stock that was originally paid to him to acquire the trademark 'We.'
"Subsequently, at Adam's direction, the issuance to WE Holdings LLC of the partnership interests was unwound and the partnership interests were returned to the We Company Partnership," the filing states. "The We Company continues to hold all of the assigned rights to the 'we' family trademarks."
WeWork in July adopted a complicated corporate structure, called an umbrella corporation, or Up-C. As part of the move, the We Company acquired the trademark to "We" from We Holdings LLC, an investment vehicle with Neumann and co-founder Miguel McKelvey, and in exchange received an additional stake worth about $5.9 million.as an example of WeWork's less-than-stellar corporate governance.
The new filing also notes that WeWork appointed Frances Frei, a Harvard Business School professor and a former head of leadership and strategy at
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