The board of We Co., the parent of WeWork, named its first woman director, a Harvard Business School professor of technology and operations management, Frances Frei.
The appointment was disclosed in a Wednesday public filing. Since the shared-office-space-rental company began in 2010, it had had an all-male board.
The company was under pressure to add a woman ahead of its IPO, to reflect more of the community it says its mission is to serve. "Community is our catalyst," concludes the mission statement on its website.
WeWork could begin a roadshow for its initial public offering as early as next week, people familiar with the matter told Bloomberg.
The New York-based startup filed with regulators for an IPO on Aug. 14. It released financial statements that show the group posted a loss of about $700 million for the first half of 2019 as it doubled revenue. At last count, the company had locations in 111 cities worldwide.
According to the SEC filing, CEO Adam Neumann will have about half the voting power after the offering.
Neumann's stake has been valued at $4.1 billion and Co-Founder Miguel McKelvey's stake has been valued at $2.9 billion, according to Forbes.