WeWork Slashes CEO's Voting Power In Updated IPO Filing

By Tom Zanki (September 13, 2019, 2:43 PM EDT) -- Coworking giant WeWork reduced the voting power of CEO Adam Neumann in an amended initial public offering filing on Friday, the latest of several corporate governance changes the company has made that may ease investor concerns about its massive IPO.

WeWork told regulators that it now plans to go public through a triple-class stock structure in which owners of Class B and Class C shares will possess 10 votes per share, while the public will be sold Class A shares that carry one vote each. WeWork had proposed a 20-1 advantage for holders of Class B and Class C shares in its original...

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