WeWork is set to vote on adding 2 new independent board members after big investors suing SoftBank unsuccessfully tried to stop it
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A pair of current board members – the only non-SoftBank-affiliated directors – contested the additions in court on Wednesday, arguing that the process would hurt WeWork's minority shareholders. The judge, Andre Bouchard, ruled on Wednesday against Dunlevie and Frankfort's motion to stop the board additions, so WeWork will vote on the directors on Friday. The proposed directors would form an independent committee to decide if Dunlevie and Frankfort have the authority to sue SoftBank.
The new directors, Alex Dimitrief and Frederick Arnold, have deep corporate, legal, and board experience. The two names were detailed at the hearing on Wednesday, sources who attended the hearing virtually told Business Insider. "WeWork is pursuing best practices of corporate governance to determine what role if any WeWork should have in this contractual dispute among its shareholders. The court's decision today allows that process to go forward," a SoftBank spokesperson said in a statement.
SoftBank, meanwhile, said in filings that the proposed independent directors would not "rubberstamp" the Japanese investor's claim that the special committee can't act on behalf of WeWork.
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