What’s going on:
On February 21 of this year, Jared DeMatteis stepped away from his positions as Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary at WeWork in order to pursue new opportunities.
To fill the vacancy, Pam Swidler, the Company’s Senior Vice President, Head of Americas & International, Legal, was be promoted to these roles.
In the last 7 years, Lisa Swidler has served WeWork in various capacities — from head of real estate transactions and special counsel, to regional general counsel for the Americas, to deputy general counsel and senior counsel for real estate, according to her LinkedIn profile.
Why it matters:
Mr. DeMatteis will assume the role of Special Counsel to the Company until at least February 28, 2023.
He will also be granted a sum of $534,110 in lieu of his 2022 annual cash bonus, and continued healthcare benefits under COBRA for a period of up to 12 months following the end of the Transition Period.
He has also been given an extended period of time in which he can exercise his stock options, ending either upon his employment termination or the 10-year anniversary of the grant date, whichever is earlier.
How it’ll impact the future:
After eight years at flexible workspace provider WeWork, Jared DeMatteis is stepping down, which may be an indication of some changes to come for the company.
