WeWork has successfully avoided making headline-grabbing moves in the past year, but that may soon change.
Marcelo Claure, former executive chairman at WeWork and chief operating officer at SoftBank, resigned his position in January with no replacement queued up.
Simultaneously, Adam Neumann’s one-year ban from the WeWork board room comes to an end on Saturday, meaning he can legally return as an observer.
Since WeWork’s implosion in 2019, Neumann has not been able to vote on the WeWork board. Until last year, he was able to continue observing the board without any influence. However, a 2021 exit package with SoftBank barred him from being an observer.
If he wants to return, Neumann must send in a written request upon approval by SoftBank. If denied, he can suggest someone return in his place, which will also have to be approved by the Japanese conglomerate.
Neumann has yet to send in such a request, but the glaring hole left in Claure’s resignation cannot be ignored for long. Currently, reports say that there is a list of considerations, and that SoftBank’s Vision Fund head Rajeev Misra is currently seeking replacement.
On March 29, the board committee will bring forward recommended replacements, most likely suggesting an existing board member.
WeWork’s stock has dwindled since going public via merging with a special purpose acquisition company last October, and whoever replaces Claure will be faced with the task of addressing this issue.