- WeWork is shaking up its board, with SoftBank’s Ron Fisher out and SoftBank partner Kirthiga Reddy taking his seat.
- Reddy is WeWork’s first female board member, following years of criticism about the all-male board.
- Steve Langman and Mark Schwartz are also off the board. Lew Frankfurt plans to resign in the coming months.
- Chairman Marcelo Claure — also a SoftBank executive — said he would focus on diversifying WeWork’s board and largely male leadership team.
- Click here for more stories about WeWork.
WeWork’s board of directors is seeing a major shakeup that includes three departures and the appointment of the first female member.
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.
The board changes come as part of a planned board director refresh stemming from SoftBank’s October deal to rescue WeWork, and more are coming.
Despite Fisher’s board departure and a Tuesday story from the Financial Times that SoftBank is discussing Fisher’s future at the company, a spokesperson told Business Insider on Thursday that Fisher is “a valued member of the SoftBank family” and is “not going anywhere.”
WeWork’s all-male board was earlier criticized for its lack of independence and rubber-stamping founder Adam Neumann’s plans. The company had planned to add former Uber executive Frances Frei to the board in a plan that was shelved in tandem with the initial public offering.
SoftBank Investment Advisers partner Kirthiga Reddy is taking Fisher’s seat, the office company said Thursday. She led SoftBank’s investment in Collective Health, a health benefits-focused company that raised $205 million in a June funding round led by SoftBank.
Reddy joined SoftBank in 2018 after seven years at Facebook, where her roles included managing director of India and South Asia.
SoftBank Group chief operating officer Marcelo Claure, who as chairman of the board is helping stabilize the company after its tumultuous autumn, told employees at a November all-staff meeting he would work to diversify the all-male board and largely male leadership team.
“She will be a valuable asset to WeWork as we continue to develop new digital products and services that improve the member experience and how we manage our global platform,” Claure said in the Thursday statement.
Reddy sponsors SoftBank Investment Advisers’ diversity and inclusion initiatives, WeWork said in its announcement.
“As someone who has built businesses in-market and helped lead global teams, I look forward to guiding management in product development, marketing, and diversity and inclusion efforts,” Reddy said in the statement.
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