Wework has disclosed the members of its board of directors in its initial public offering prospectus and there’s not a single woman on the board. Wework which was recently valued privately at $47 billion went public on Wednesday with a board that comprises of only male directors. The company which has seven directors on its board is scheduled to launch a roadshow in a few weeks where it will meet with investors and garner support for its first stock sales. To ensure the success of its multi-billion-dollar stocks in the public market, Goldman Sachs and J.P. Morgan have donated $6 billion toward a credit facility.
Why Wework Is Under Attack?
A few years ago women were hardly on the board of companies making their debut. Today, however, a whole lot has changed. Women are often on the board of large private companies who have waited a long time to go public. As of last month, records show that every S&P 500 company has one or more female directors on their board. Some have said that making a debut with an all-male board of directors may affect stock sales as some major investors BlackRock and State Street kick against the idea. For them, a more diverse board means better returns on investment.
Wework has about 527,000 customers and made sales of about $1.5 billion and $2.4 billion in cash in the first six months of 2019. The company disclosed its prospectus with Adam Neumann serving as chairman of the board. Other members of the board include Ronald Fisher, Bruce Dunlevie, John Zhao, Mark Schwartz, Steven Langman, and Lewis Frankfort.
There are a number of women, however, occupying management positions at Wework. Notable among them is Rebekah Neumann, co-founder, and wife of the CEO, Adam Neumann. She is Wework’s chief brand and impact officer. Chief Legal Officer and co-president Wework, Jennifer Berrent is another woman that has made giant strides in the company.
Wework has declined comment on the exclusion of women from its board of directors.