WeWork Corporate Board PDI 2020 ​

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WeWork Corporate Board PDI 2020 ​ CONTENTS

Letters from the Staff……………………………………………………………… 3

Committee Description……………………………………………………………. 6

Current Status………………………………………………………………………12

Questions to Consider……………………………………………………………....13

Character List……………………………………………………………………….14

References…………………………………………………………………………..22

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WeWork Corporate Board PDI 2020 ​ LETTERS FROM THE STAFF

Greeting and salutations my esteemed delegates,

Welcome to WeWork! I hope you are all on top of your school work and excited for an action-packed weekend at Princeton. I will be one of your chairs for the weekend. My name is

Theo Clement, and when I am not putting off my school work, I study Classics (wow! someone on

MUN who doesn’t do econ or policy!) as a freshman. Any Classical or philosophical references are greatly appreciated, but if you are too obvious about it any brownie points will be lost. I like long walks on the beach, horses, armadillos, Chipotle, and Big Time Rush. I hail from Alexandria,

Virginia, where I did LD debate all four years of high school. Other interests involve singing, lacrosse, pick-up basketball, the NBA and NFL, Super Smash Bros., and chilling with my friends. I can’t imagine anything else you would want to know about me, but I look forward to watching you navigate the obstacles we relentlessly and unsympathetically throw at you. Add me on LinkedIn (jk I don’t have that yet) and feel free to email ([email protected]). ​ ​ Excited,

Theo

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WeWork Corporate Board PDI 2020 ​ Dear Delegates,

Welcome to PDI and welcome to the WeWork Corporate Board! My name is Alfred Yoon and I am a sophomore studying Mechanical & Aerospace Engineering at Princeton. I’m from

Berkeley, California and so I’m absolutely fascinated by snow. I will definitely favor you if you bring snow. That aside, my involvement in Model UN stretches back to high school where I participated in Berkeley MUN and Stanford MUN. I am thrilled to continue debating about international affairs and national security policies. This committee will be an exciting opportunity to explore the wide-ranging effects of the tech-boom and the power of Silicon Valley and investors in the world. I am rather excited to see where you take this committee throughout the weekend.

Outside of the perils of college academics, I play the pipe organ at the University Chapel (the chapel organ has over 7000 pipes), love to go camping and hiking, and adore good food! I’m looking forward to meeting you this Spring.

If you have any questions, please feel free to reach out to me at [email protected]. ​ ​ Cheers,

Alfred Yoon

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WeWork Corporate Board PDI 2020 ​ Dear Delegates,

I’m Anubhav Agarwal, and I’m going to be your crisis director for WeWork at PDI 2020!

I’m a current freshman at Princeton University, studying computer science in the School of

Engineering and Applied Sciences, with a focus on intersectional applications of algorithms and mechanisms in data science. I’m the current Deputy Chair of the Whig Party on campus and

th compete on the Debate team. This is also my 5 ​ year both staffing and competing in Model United ​ Nations. With whatever time I have left outside of classes and extracurriculars, I spend most of my time playing video games, watching an excessive amount of television, and arguing with anyone and everyone about film.

I look forward to making this committee exciting and engaging for all of the delegates!

Sincerely,

Anubhav Agarwal

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WeWork Corporate Board PDI 2020 ​ COMMITTEE DESCRIPTION

WeWork is an American real estate company that manages shared workspaces for technology start-ups. Headquartered in City, the company was founded by Adam

Neumann and Miguel McKelvey in 2010, opening its first location in Soho.1 This new concept of providing a collaborative environment for entrepreneurs, freelancers, startups and small businesses soon paved the way to the global reach of WeWork as it is known today. Evidently, the path to global success and economic failure is one that is mired in a variety of factors that must be examined. The birth of WeWork really derives its roots from the development of that paralleled with the rise of technology companies, like Google, Facebook, and others like it.

Key Concepts

Venture capital involves a type of financing provided by firms or funds to small and emerging firms that have high growth potential. Essentially, venture capitalists invest money in a company’s coffers and infrastructure until it can be sold off to a corporation or public-equity markets can step in (This would be the basis for a company going public, which was the initial goal of WeWork in 2019).2 For the venture capitalist, this type of investment is high risk but can offer huge rewards (e.g. for early investors in “unicorns” like Google). Venture capital exists due to laws and regulations that limit a bank’s ability to invest in startups, making it difficult for startups to get traditional bank loans that one might get for a house or car.

1Bloomberg.com. Bloomberg. Accessed February 6, 2020. https://www.bloomberg.com/news/articles/2019-09-22/a-brief-history-of--the-flying-startup-facing-turbul ence. 2 Zider, Bob. “How Venture Capital Works.” Harvard Business Review, August 1, 2014. https://hbr.org/1998/11/how-venture-capital-works. 6

WeWork Corporate Board PDI 2020 ​ Another concept critical to the development of companies, like WeWork and tech giants, like Facebook, is the (IPO). An IPO is the process in which a company goes public and releases its shares of stock to the public. For many companies, IPOs are a source of opportunity. When a company goes public, the public can purchase shares, which in turn funnels money into the coffers of that company. With more monetary power, the company can invest in expanding and further developing the company. As mentioned above, this offers benefits for both the company and the venture capitalists that invested in the startup. It’s important to distinguish that going public is completely different from selling the startup to a larger corporation (another path that many startups choose to take instead). Selling a startup to a larger company offers primarily monetary goals and does not offer huge opportunities to further develop that company. However, going public presents the opportunity to continue developing said startup. That said, there are times when the two (an IPO versus selling the startup to a larger corporation) are not always available. For example, the company might be “too big” to be bought out, like in the case of Lyft.3 This will be something to consider as you navigate the rocky waters of WeWork.

In general, an IPO takes four to six months to complete. The process begins by selecting an investment bank to guide the company through the process. An IPO prospectus is then submitted to the Securities and Exchange Commission (SEC) with information relating to risk factors and the financial situation of the company. Eventually, this document is released to the public after review by the SEC. The company then begins the next phase where potential investors meet with top executives of the company. The goal here being to increase demand in the company, which allows the company to price itself much higher. After meeting with potential investors, the investment bank

3Nova, Annie. “Here's What You Should Know about the IPO Process.” CNBC. CNBC, March 24, 2019. https://www.cnbc.com/2019/03/23/heres-what-you-should-know-about-the-ipo-process.html. 7

WeWork Corporate Board PDI 2020 ​ and company executives meet to decide the price of stocks and allocation method. Once the company formally enters the public market, the company exposes itself to huge opportunities for gains and losses.

Timeline

The history of WeWork is mixed with successes and failures which may have added up to ultimately leading to its downfall. At its peak, WeWork had 5,000 employees in 280 locations, in 86

4 cities across 32 countries. The story of this company began in 2008.

In May 2008, Adam Neumann established GreenDesk alongside his partner, Miguel

McKelvey. GreenDesk was a space based on the idea of subdividing offices to allow people from different companies and with different ideas to work together. In 2010, both of them decided to sell the business, instead starting WeWork, with the first location being opened in the

5 SoHo District of .

From 2010 to 2011, the company doubled in size, and the company continued to grow exponentially, getting more investors and real estate, as word of mouth continued to increase the support for the coworking ideal, especially amongst entrepreneurs. This meant that, by 2014,

WeWork was considered the fastest-growing lessee of office space in New York and was on track to hold that title for the entire United States. At this point, WeWork’s financiers included J.P. Morgan

4 Torrance, Jack. “'Our Biggest Competitor Is Work Itself' - Adam Neumann, WeWork.” Management Today. ​ ManagementToday, June 27, 2017. https://www.managementtoday.co.uk/our-biggest-competitor-work-itself-adam-neumann-wework/article/13285 86. 5 Sheftell, Jason. “WeWork Gives Alternative to Working at Home with Swanky Buildings across NYC.” ​ nydailynews.com. , April 9, 2018. https://www.nydailynews.com/life-style/real-estate/wework-alternative-working-home-swanky-buildings-nyc-arti cle-1.1044412?pgno=1#ixzz2e46Iipo5. 8

WeWork Corporate Board PDI 2020 ​ 6 Chase, , and Benchmark, amongst many others. By 2015, the company had expanded to roughly 54 locations across the United States and several locations in London and

Amsterdam.7

WeWork was cemented as a landmark startup, though, when SoftBank invested in the company in 2017, an investment that gave WeWork a valuation of $20 billion. With this investment,

WeWork grew to nearly 500 locations. Between 2017 and 2018, SoftBank invested nearly $8 billion in the company. In 2019, SoftBank proposed a $2 billion dollar investment, which doubled

8 WeWork’s valuation to $47 billion. This put WeWork in the top tier of high value startups (a.k.a.

“unicorns), alongside Uber, AirBnB, and others. After getting these investments, WeWork drastically increased their spending, buying new companies, like a wave pool company and a superfood company, and even opening an elementary school.

2019 was when WeWork began to face problems as investor confidence started to fade due to internal strife and controversy. In January 2019, Neumann purchased the trademark for “We,”

9 and then sold it back to his own company for more than 5 million dollars. On April 29, 2019,

WeWork filed for an IPO, starting the process with the Securities and Exchange Commission. This meant that, when news of an IPO started to spread, the initial valuation of the company was as high

10 as $47 billion. On August 14, 2019, the company filed paperwork to go public. The filing revealed

6 Konrad, Alex. “Inside The Phenomenal Rise Of WeWork.” Forbes. Forbes Magazine, October 24, 2017. ​ https://www.forbes.com/sites/alexkonrad/2014/11/05/the-rise-of-wework/#2a4334a36f8b. 7Kosoff, Maya. “How WeWork Became the Most Valuable Startup in New York City.” . Business Insider, October 22, 2015. https://www.businessinsider.com/the-founding-story-of-wework-2015-10. 8 Brown, Eliot, Rolfe Winkler, and Maureen Farrell. “SoftBank Mulls Investment of Over $1 Billion in WeWork.” The ​ Wall Street Journal. Dow Jones & Company, January 31, 2017. https://www.wsj.com/articles/softbank-mulls-investment-of-over-1-billion-in-wework-1485814702. 9 Pressman, Aaron. “The Bonkers, Bananas WeWork IPO Filing.” Fortune. Fortune, August 16, 2019. ​ https://fortune.com/2019/08/16/wework-ipo-adam-neumann-loans/. 10 Brown, Eliot. “How Adam Neumann's Over-the-Top Style Built WeWork. 'This Is Not the Way Everybody ​ Behaves.'.” . Dow Jones & Company, September 18, 2019. 9

WeWork Corporate Board PDI 2020 ​ several startling facts about WeWork: a loss of $429 million on $436 million in revenue in 2016, a loss of $890 million on $886 million in revenue in 2017, a loss of $1.6 billion on $1.8 billion in revenue, and a loss of $690 million on $1.5 billion in revenue in the first six months of 2019. To say the least, WeWork seemed far from profitable, contrary to what Neumann had advertised for the better of 10 years. To add to the list of troubling finances at WeWork, the SEC filing also noted that the company had loaned millions to executives, like Neumann. Furthermore, the Wall Street Journal reported that Neumann had cashed out $700 million in stock options prior to the company’s IPO, which raised concerns among investors and observers, alike. Traditionally, CEOs and executives wait to cash stock options until after an IPO in the hopes of greater valuation. To add to the disarray, Morgan Stanley withdrew from the IPO on August 15, 2019.

On September 4, 2019, WeWork hired Frances Frei, the former executive of Uber who was charged with turning around company culture, to address the issue of a lack of gender representation among WeWork’s board. A day later, several media outlets reported that WeWork was considering a serious reduction in its valuation from $47 billion to $20 billion and potentially delaying the IPO.11

About a week later, WeWork slashed Neumann’s voting rights from 20 votes per share to 10 votes and also removed Rebekah Neumann from the board and future planning. On September 16, the

IPO was formally delayed.

https://www.wsj.com/articles/this-is-not-the-way-everybody-behaves-how-adam-neumanns-over-the-top-style-b uilt-wework-11568823827. 11 Meisenzahl, Mary. “WeWork's Had a Terrible 2 Months, and Now SoftBank Is Reportedly Taking Control of the Company in a Bailout Deal - Here's Everything That Has Happened since the Embattled Company Tried to Go Public.” Business Insider. Business Insider, October 22, 2019. https://www.businessinsider.com/wework-ipo-timeline-delayed-ceo-adam-neumann-scandals-explained-2019-9#a ugust-14-wework-publicly-filed-paperwork-detailing-its-intent-to-go-public-1.

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WeWork Corporate Board PDI 2020 ​ To add to the financial strife, a Wall Street Journal article revealed startling clues into the management styles and conduct of Adam Neumann as head of WeWork, calling into question his leadership ability. To begin, Neumann was found to be flying in the company private jet high on marijuana, much to the concern of the flight crew. Furthermore, it was reported that Neumann ordered 20% of employees fired every year to cut costs.12 To say the least, the company culture promoted by the charisma of Neumann proved to be rather concerning both for employees and investors. If that was not sufficient, it was discovered that WeWork wifi was poorly secured allowing tenants to access sensitive information of various companies and employees.13 After two months of financial and internal turmoil at WeWork, Adam Neumann was forced to resign as CEO. In his place, Sebastian Gunningham and Artie Minson were named co-CEOs.

12Brown, Eliot. “How Adam Neumann's Over-the-Top Style Built WeWork. 'This Is Not the Way Everybody Behaves.'.” The Wall Street Journal. Dow Jones & Company, September 18, 2019. https://www.wsj.com/articles/this-is-not-the-way-everybody-behaves-how-adam-neumanns-over-the-top-style-b uilt-wework-11568823827?mod=hp_lead_pos5. 13 Meisenzahl, Mary. “WeWork's Had a Terrible 2 Months, and Now SoftBank Is Reportedly Taking Control of the Company in a Bailout Deal - Here's Everything That Has Happened since the Embattled Company Tried to Go Public.” Business Insider. Business Insider, October 22, 2019. https://www.businessinsider.com/wework-ipo-timeline-delayed-ceo-adam-neumann-scandals-explained-2019-9#a ugust-14-wework-publicly-filed-paperwork-detailing-its-intent-to-go-public-1.

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WeWork Corporate Board PDI 2020 ​ CURRENT STATUS

The current valuation of the company has plummeted from $47 billion to around $10 billion, which is even less than the $12.8 billion it had already raised since 2018. At this point,

WeWork is attempting to cut costs as much as possible in order to work towards being a profitable company. Measures could include divesting themselves of acquired businesses, like Conductor and

Meetup, and or laying off nearly 2,000 to 3,000 employees.

At this time, the WeWork portfolio includes CASE, the Flatiron School, Meetup,

Conductor, Designation, Teem, Managed by Q and Spacious. In addition, there are currently three ventures that WeWork is a part of: Rise by We, WeGrow, and WeLive. Rise by We is a luxury gym facility concept that promotes state of the art exercise facilities for members. Currently it is only available in .14 WeGrow is another joint venture that offers a holistic approach to private education for children ages 3 to about 4th grade.15 WeLive is a step into shared living spaces that builds off of the model of WeWork and is primarily located in New York and Washington.16

The committee will begin on September 25, 2019, a day after Adam Neumann was removed as CEO. Note that Neumann still holds voting power on the board. It will be this board’s responsibility to cement a future vision for the company that sees it recovering from this public catastrophe, recouping the money that has been lost, and securing a stable future for this growing startup.

14“Empower to Shine.” Rise by We. Accessed February 6, 2020. https://www.risebywe.com/about/. 15“About Us - WeGrow: WeWork's Conscious Entrepreneurial School.” WeGrow. Accessed February 6, 2020. https://wegrow.com/about-us. 16“Fully Furnished Apartments in NYC & DC.” WeLive. Accessed February 6, 2020. https://www.welive.com/. 12

WeWork Corporate Board PDI 2020 ​ QUESTIONS FOR CONSIDERATION

1. What is the best mechanism to restore investor trust in the company?

2. Should the company continue to expand, or should it continue to divest?

3. What is the safest way for the company to continue to make money?

4. What next initiatives, if any, should the company invest in?

5. What is the eventual goal for WeWork?

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WeWork Corporate Board PDI 2020 ​ CHARACTER LIST

Sebastian Gunningham, Current co-CEO of WeWork

Sebastian Gunningham has a prolific quantity of experience

working in the technology industry. He began his career working

at IT companies like Automation Technology Products and

Cimplex Corporation, and then moved to Oracle in 1988. There,

he eventually became a Senior Vice President, and drastically

increased the revenue of the company. He also worked for

Amazon Marketplace as a SVP from 2007 to 2018, when he joined

WeWork as Vice Chair and Chief Automation Officer. In September 2019, after Neumann left, he was appointed co-CEO.

Artie Minson Jr., Current co-CEO of WeWork

Often described by those who work at WeWork as the “adult in

the room,” Artie Minson is a polished executive and accountant,

who worked at Ernst and Young for several years before moving

into Media, where he worked at Time Warner, Rainbow Media,

and as the CFO of AOL. His last job before coming to work for

WeWork was as the CFO of , where he

oversaw its acquisition by Charter Communications. He arrived

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WeWork Corporate Board PDI 2020 ​ at WeWork in 2015, starting as the president and COO, later also becoming its CFO. After the resignation of Adam Neumann, he was appointed co-CEO alongside Sebastian Gunningham.

Marcelo Claure, COO of SoftBank and Executive Chairman of

the WeWork

Marcelo is a Bolivian-American entrepreneur and businessman who

currently serves as the Chief Operating Officer of Softbank,

overseeing SoftBank’s operations alongside the CEO, Masayoshi Son.

This means that, alongside WeWork, Marcelo oversees companies

like Sprint, Fortress, and Dynamics. He is also the executive

chairman at Sprint, having served as CEO there until 2018, where he is said to have led a dramatic turnaround at the company. He is the current executive chairman of

WeWork, having been appointed in October of 2019.

Jeff Sine, Co-Founder of Raine Group and Member of the

Board

Jeff is the Co-Founder of Raine Group, an investment bank focused

around fast-growing technology startups. Prior to founding Raine,

though, Jeff was a Vice Chairman and Global Head of Technology at UBS Investment Bank starting in 2001, and Global Head of Media at

Morgan Stanley before that. His clients include Viacom, Google, Time Warner, Sony, Comcast,

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WeWork Corporate Board PDI 2020 ​ Softbank, and Microsoft. He has also produced many plays and musicals, and is a three-time Tony

Award winner.

Ronald Fisher, Vice Chairman of Softbank and Member of

the Board

Ronald Fisher is the current Vice Chairman of Sprint, and a

director of chip design firm Arm Holdings and sports

e-commerce site Fanatics. He also manages the $100 billion

Vision Fund with Masayoshi Son. This fund seeks to invest in

new, growing startups in the technology world. His largest investment through this fund is WeWork, as he led both of their primary investments into the company in 2017 and 2019. Over the course of his career, he has more than 30 years working for and with fast-paced, turnaround technology companies.

Lewis Frankfort, Chairman of Flywheel Sports and Member

of the Board

Lewis Frankfort is the current Chairman of Flywheel Sports, a

company that runs health clubs and spas, while serving on the

board of WeWork, Recycle Track Systems, and Teach for

America. Prior to these roles, though, Frankfort worked as the

Chairman/CEO for Coach for nearly 20 years, helping the

company grow into one of the leading global accessory brands in

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WeWork Corporate Board PDI 2020 ​ the world. He has also spent ten years in New York City government, and helped restore New

York’s Head Start program during the 1970s.

Bruce Dunlevie, Founder of Benchmark and Member of

the Board

Bruce Dunlevie is a prolific venture capitalist in the tech startup

world, having been working in the field for nearly 20 years. In

1995, he helped found Benchmark, a venture capital firm that

provides to startups. Some of the investments from

Benchmark beyond WeWork include eBay, Uber, Twitter,

Snapchat, Instagram, Yelp, and Discord. The firm manages nearly $3 billion in committed capital, and its backers have received a 1,000% gain net over the previous decade. Bruce is also on the Board for Machinify, ServiceSource, and Marin Software. He currently serves on the compensation committee of WeWork.

Steven Langman, Co-Founder of Rhone Group and

Member of the Board

Steven Langman is the co-founder of Rhone Group, an asset

manager in , real estate, and venture capital. He

previously served as the managing director of Lazard Freres,

where he specialized in . He has worked

in private equity for three decades, and serves on the boards of

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WeWork Corporate Board PDI 2020 ​ CSM Bakery Solutions, Flurida, HBC, and Vistajet Global Holdings. He was one of the earliest investors into We, and oversees executive pay, succession, and other critical issues.

John Zhao, Chairman of and Member of

the Board

John Zhao is the Chairman and CEO of Hony Capital, one of

the largest private equity firms in . He founded Hony

Capital in 2003, and under his leadership, Hony Capital

currently manages over $12 billion in assets, and has invested

in around 100 countries in China and abroad. He also serves as

Executive Vice President of Hony’s sponsor firm, , one of China’s largest and most prolific companies. He also serves on the boards of Lenovo, Fiat Industrial, and China

Pharmaceuticals.

Mark Schwartz, Former Head of Goldman Sachs Asia and

Member of the Board

Mark Schwartz started his career working for Goldman Sachs

in 1979. After spending years working in the Investment

Banking, Fixed Income, and High Yield departments of the

company, he moved to the Presidency of Goldman Sachs

Japan in 1997, and eventually was appointed Chairman of

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WeWork Corporate Board PDI 2020 ​ Goldman Sachs Japan in 1999. He retired from the company in 2016, and now serves on the board of directors for MastercCard, Softbank, MIT, and Harvard.

Jen Berrent, COO and CLO of WeWork

Jen Berrent is an accomplished lawyer who has worked in the legal

world for a variety of companies across the spectrum. She began her

career in the Parthenon Group, before moving to American Express as

a senior manager. She also worked as a Partner at WilmerHale starting

in 2006, before moving to WeWork in 2014. Beginning as the Chief

Culture Officer and Chief Legal Officer, she eventually left her position

as CCO to become the COO. She served as one of the closest advisors to Adam Neumann before his resignation.

Miguel McKelvey, CCO and Co-Founder of WeWork

Miguel McKelvey is one of the co-founders of WeWork, and served as

the creative mind that sparked most of the initial progress that

WeWork made. Alongside Neumann, he helped create GreenDesk, the

precursor to WeWork, creating its website and logo in one night. After

WeWork was founded, he took on a quiet form of leadership within the

company, managing design and construction singlehandedly while the

company grew. However, in 2017, he shifted to the title of Chief

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WeWork Corporate Board PDI 2020 ​ Culture Officer, a role that he suits well, being the first to reassure employees after the crisis, and designing Culture OS, a mechanism to refresh company culture.

Lenore Vassil, Head of Corporate Technology at WeWork

Lenore Vassil is a career executive focused on the unification of

business and technology to strengthen efficiency and productivity,

and has worked in that role for many companies. She served as

Senior Vice President, Technology and Operations for Bank of

America until 2011, when she left to found The Torch, a startup that

gives loved ones essential instructions in case of illness or accident.

In 2015, though, she left to become Senior Vice President, Head of

Corporate Technology at WeWork, the position she still holds.

Maurice Levy, Chief Marketing and Communications Officer

of WeWork

Maurice Levy is the Chairman of the Supervisory Board of Publicis

Groupe, the world’s third largest advertising group, and the current

Chief Marketing and Communications Officer of WeWork. He

joined Publicis in 1971 as the Director of IT, before moving into

the advertising and marketing branch of the company. He was named CEO of the group in 1987, becoming the second CEO for the company since 1926. He was

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WeWork Corporate Board PDI 2020 ​ succeeded as CEO by Arthur Sadoun in 2017, and was recently announced as interim chief marketing and communications officer in November of 2019.

Mark FitzPatrick, CFO of WeWork

Mark FitzPatrick is the current Deputy Chief Financial Officer of

WeWork, assuming the primary responsibilities after Artie Minson

became co-CEO. Mark spent most of his career working at Time

Warner Cable, where he served as Senior Vice President and CFO

of Residential Services, where he was responsible for financial planning, capital planning, and oversaw all areas of finance for the company. Prior to Time Warner, though, he was Vice President at AOL and Citigroup. He now works as Deputy CFO at WeWork.

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WeWork Corporate Board PDI 2020 ​ REFERENCES

“About Us - WeGrow: WeWork's Conscious Entrepreneurial School.” WeGrow. Accessed February 6, 2020. https://wegrow.com/about-us.

Bloomberg.com. Bloomberg. Accessed February 6, 2020. https://www.bloomberg.com/news/articles/2019-09-22/a-brief-history-of-wework-the-flyin g-startup-facing-turbulence.

Brown, Eliot. “How Adam Neumann's Over-the-Top Style Built WeWork. 'This Is Not the Way Everybody Behaves.'.” The Wall Street Journal. Dow Jones & Company, September 18, 2019. https://www.wsj.com/articles/this-is-not-the-way-everybody-behaves-how-adam-neumanns- over-the-top-style-built-wework-11568823827?mod=hp_lead_pos5.

Brown, Eliot, Rolfe Winkler, and Maureen Farrell. “SoftBank Mulls Investment of Over $1 Billion in WeWork.” The Wall Street Journal. Dow Jones & Company, January 31, 2017. https://www.wsj.com/articles/softbank-mulls-investment-of-over-1-billion-in-wework-1485 814702.

“Empower to Shine.” Rise by We. Accessed February 6, 2020. https://www.risebywe.com/about/.

“Fully Furnished Apartments in NYC & DC.” WeLive. Accessed February 6, 2020. https://www.welive.com/.

Konrad, Alex. “Inside The Phenomenal Rise Of WeWork.” Forbes. Forbes Magazine, October 24, 2017. https://www.forbes.com/sites/alexkonrad/2014/11/05/the-rise-of-wework/#2a4334a36f8b .

Kosoff, Maya. “How WeWork Became the Most Valuable Startup in New York City.” Business Insider. Business Insider, October 22, 2015. https://www.businessinsider.com/the-founding-story-of-wework-2015-10.

Meisenzahl, Mary. “WeWork's Had a Terrible 2 Months, and Now SoftBank Is Reportedly Taking Control of the Company in a Bailout Deal - Here's Everything That Has Happened since the Embattled Company Tried to Go Public.” Business Insider. Business Insider, October 22, 2019. https://www.businessinsider.com/wework-ipo-timeline-delayed-ceo-adam-neumann-scandals -explained-2019-9#august-14-wework-publicly-filed-paperwork-detailing-its-intent-to-go-publ ic-1.

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WeWork Corporate Board PDI 2020 ​ Nova, Annie. “Here's What You Should Know about the IPO Process.” CNBC. CNBC, March 24, 2019. https://www.cnbc.com/2019/03/23/heres-what-you-should-know-about-the-ipo-process.ht ml.

Pressman, Aaron. “The Bonkers, Bananas WeWork IPO Filing.” Fortune. Fortune, August 16, 2019. https://fortune.com/2019/08/16/wework-ipo-adam-neumann-loans/.

Sheftell, Jason. “WeWork Gives Alternative to Working at Home with Swanky Buildings across NYC.” nydailynews.com. New York Daily News, April 9, 2018. https://www.nydailynews.com/life-style/real-estate/wework-alternative-working-home-swan ky-buildings-nyc-article-1.1044412?pgno=1#ixzz2e46Iipo5.

Torrance, Jack. “'Our Biggest Competitor Is Work Itself' - Adam Neumann, WeWork.” Management Today. ManagementToday, June 27, 2017. https://www.managementtoday.co.uk/our-biggest-competitor-work-itself-adam-neumann-we work/article/1328586.

Zider, Bob. “How Venture Capital Works.” Harvard Business Review, August 1, 2014. https://hbr.org/1998/11/how-venture-capital-works.

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