NEW YORK: WeWork owner, The We Company, said on Wednesday it will add a woman, Frances Frei, to its board of directors and unwound a US$5.9 million payment to its chief executive for use of the trademarked word"We" ahead of a planned initial public offering.
The company said it will add another director to its board within a year of the IPO,"with a commitment to increasing the board's gender and ethnic diversity." WeWork, which rents desks to companies and individuals with a focus on startups and entrepreneurs, has helped popularize the concept of shared office space. It was valued at US$47 billion earlier this year.Despite the company's breakneck growth, there are concerns over a mismatch between its cash flow and liabilities, given that it rents workspace to clients under short-term contracts, but pays rent for them itself under long-term leases.
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