- WeWork Inc (NYSE:WE) is yet to fill the Chair position since Marcelo Claure's exit in January, Bloomberg reports.
- Claure, SoftBank Group Corp's (OTC:SFTBY) (OTC:SFTBF) former COO, had held that position since the Japanese conglomerate rescued WeWork from near-insolvency in 2019.
- Claure resigned in January from SoftBank, the biggest investor in WeWork.
- Adam Neumann can legally return to the board as an observer by February 26 after a year-long ban from the boardroom.
- Neumann, who co-founded WeWork in 2010, lost his voting power on the WeWork board in 2019 after a botched-up initial public offering. Neumann subsequently lost his position as the CEO.
- Neumann can request a comeback subject to SoftBank's approval.
- A WeWork board committee will present recommendations for a new Chair at the next board meeting on March 29 and will likely suggest an existing board member.
- Price Action: WE shares traded lower by 0.96% at $6.17 on the last check Friday.
