BREAKING: WeWork's board shakeup sees 3 longtime directors, including Ron Fisher, depart. Another is leaving in April. SoftBank partner Kirthiga Reddy joins as WeWork's first female board member.
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SoftBank's Ron Fisher, Rhône Group's Steve Langman, and former Goldman Sachs vice chairman Mark Schwartz are all off the board, a source with knowledge of the changes said. Former Coach chairman and CEO Lew Frankfurt plans to leave when SoftBank's tender offer is complete, which is set for the beginning of April.
former Uber executive Frances Frei to the board in a plan that was shelved in tandem with the initial public offering. WeWork also has five independent seats, two of which are filled by investors who will continue on the board. Benchmark Capital's Bruce Dunlevie has been a director since 2012 and Hony Capital's John Zhao has been on the board since 2016. Investment banker Jeff Sine joined the board in October after advising SoftBank on the bailout deal. Reddy led SoftBank's investment in Collective Health, a health benefits-focused company that raisedled by SoftBank.
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