The WE Company

Chelsea, Manhattan NY
Phone: +81 3 6889 2300
press@wework.com
MEDIA RELEASE
3 November, 2019
IMMEDIATE RELEASE

WeWork Announces Board and Governance

Changes for 2020
After receiving $1.5 billion in funding The We Company announces
restructure initiatives effective from 2020
NEW YORK —The We Company (“WeWork” or the “Company”) has received $1.5billion in funding
from SoftBank Group Corp. (“Softbank”) In connection with the completion of the funding, several
governance changes became effective today, including the reconstitution of the WeWork Board of
Directors.

“The $1.5 billion in funding that WeWork received today from SoftBank positions the Company for the
future and underlines Softbank’s steadfast belief in the business,” said Marcelo Claure, Executive
Chairman of the Board of Directors of WeWork.

WeWork seeks to increase the diversity of their board and employ additional strategic
communications personnel to assit the organisations employees and stakeholders to navigate change
and achieve their objectives during periods of transformation.

Claure explained “At WeWork we know the most challenging aspect of change is our people.
Focusing our investment efforts to our people, our members and our shareholders is going to be the
best use of our capital to ensure our organisation can continue to meet its goals, and assist our
members to operate day to day in world leading co-working spaces”.

WeWork intends to deploy a governance task force to respond to the concerns in light of the initial
public offering in August 2019. The company advises that a corporate governance report will be
issued to its shareholders and available at request to investors to assist the notion of providing more
transparency for those concerned.

“It is the right time for start-up organisations like WeWork to run a thorough health check over their
governance and conduct governance arrangements which should really start with the Board reflecting
on what good conduct really means for their organisation when it comes to purpose, strategy, and
risk,” said Claure.

Environmental Social & Governance (ESG) factors are areas that investors are observing in regards
to both public and private organisations to form the basis of their investment decisions. These will be
some factors that will be reported on in regards to efforts and expenditure in the corporate
governance report.

About WeWork
WeWork provides members around the world with space, community, and services through both
physical and virtual offerings. Its mission is to create a world where people work to make a life, not
just a living. As of Q2 2019, WeWork had 528 locations in over 111 cities and 29 countries. Our
527,000 memberships represent global enterprises across multiple industries, including 38% of the
Global Fortune 500. We are committed to providing our members around the world with a better day
at work for less.

ENDS
For media inquiries please contact:
Gwen Rocco / Erin Clark
press@wework.com