UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 23, 2022, Jeffrey Sine notified WeWork Inc. (the “Company”) of his intention to resign from the Company’s Board of Directors (the “Board”), effective immediately. The resignation is not the result of any disagreement with the Company with respect to any matter relating to the Company’s operations, policies or practices. Mr. Sine served as chair of the Company’s Audit Committee.
Pursuant to the Stockholders Agreement dated October 20, 2021, by and among the Company, BowX Sponsor, LLC, SVF II WW Holdings (Cayman) Limited (formerly known as SB WW Holdings (Cayman) Limited) (“SVFWW”), SVF Endurance (Cayman) Limited (the “Vision Fund”) and Benchmark Capital Partners VII (AIV), L.P. (the “Stockholders Agreement”), a committee of the Board comprised of those directors not designated by SVFWW and the Vision Fund appointed Daniel Hurwitz to fill the Board seat vacated by Mr. Sine, effective June 23, 2022. Mr. Hurwitz has also been appointed by the Board to serve as chair of the Company’s Audit Committee. Sandeep Mathrani, the Company’s Chief Executive Officer, and Bruce Dunlevie continue to serve as the Board’s Chairman and Lead Independent Director, respectively.
Daniel Hurwitz is the Co-Founder and Chief Executive Officer of Raider Hill Advisors, a private real estate investment and retail advisory firm, founded in 2015. Prior to founding Raider Hill Advisors, Mr. Hurwitz spent 16 years at DDR Corp. (now known as SITE Centers) from 1999 to 2015, serving in various executive roles including Chief Executive Officer. He currently serves as a member of the Board of Directors of Brixmor Property Group and Ideal Dental, and also serves as an advisor to the Board of Directors of Edens and ShopCore Properties. Mr. Hurwitz currently serves as Chairman Emeritus of the Colgate University Board of Trustees following his tenure as Board Chair. Previously, he served as Vice Chair of the Board of Trustees of the Hawken School, a member of the Board of Trustees of the Hopkins School, Chairman of the Board of Trustees of International Council of Shopping Centers, Chair of the Leadership Board of Cleveland Clinic Neurological Institute, and as a member of the Nareit Executive Board of Governors and Governance Committee. He was formerly a member of the Board of Directors of Boscov’s Department Store, Inc.,CubeSmart, DDR Corp., General Growth Properties Inc., Rock and Roll Hall of Fame, Sonae Sierra Brasil, S.A., and retailer Diamonds Direct. Mr. Hurwitz is a graduate of Colgate University and the Wharton School of Business Management Program at the University of Pennsylvania.
Item 7.01 - Regulation FD Disclosure
On June 27, 2022, the Company issued a press release announcing Mr. Sine’s resignation from, and Mr. Hurwitz’s appointment to, the Board effective June 23, 2022. The full text of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated by reference in this Item 7.01.
The information in this Item 7.01 of this Form 8-K and Exhibit 99.2 is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press Release dated June 27, 2022 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 27th day of June, 2022.
| WEWORK INC. | ||
| By: | /s/ Jared DeMatteis | |
| Name: | Jared DeMatteis | |
| Title: | Chief Legal Officer | |
Exhibit 99.1
WeWork Announces Appointment of Daniel Hurwitz to its Board of Directors
NEW YORK, NY – June 27, 2022 – WeWork Inc. (NYSE: WE), a leading global flexible space provider, today announced that Daniel Hurwitz, co-founder & CEO of Raider Hill Advisors, has joined WeWork’s Board of Directors, effective June 23, 2022. He succeeds Jeffrey Sine, co-founder and partner of The Raine Group, who served on WeWork’s Board since October 2019.
With more than three decades of experience transforming public and private businesses in the retail real estate industry, Hurwitz will bring exceptional insight to WeWork’s Board of Directors. Before co-founding Raider Hill Advisors, Hurwitz spent 16 years at SITE Centers (NYSE: SITC) – formerly known as DDR Corp. – serving in various executive roles, including Chief Executive Officer from 2010-2015. Hurwitz also served as interim CEO of Brixmor Property Group (NYSE: BRX) from February 2016 through May 2016.
Hurwitz, who will serve as Chair of WeWork’s Audit Committee, is currently a member of the Board of Directors of Brixmor Property Group and Ideal Dental, and is an advisor to the Board of Directors of Edens and ShopCore Properties. Previously, Mr. Hurwitz served as the Chairman of ICSC from 2019-2020, and was a member of the Board of Directors of General Growth Properties from 2013 to 2018, serving as Lead Director and Chair of the Special Committee.
“Daniel brings deep knowledge of the real estate industry paired with invaluable experience leading during times of transformation,” said Sandeep Mathrani, WeWork’s CEO and Chairman. “I am confident he will make a strong impact as we continue executing on our strategy for driving innovation, growth and profitability.”
“WeWork has established itself as the clear front runner in the industry, demonstrating the power of its brand and an enduring value proposition,” said Hurwitz. “With a strong foundation already established, I look forward to working alongside WeWork’s Board of Directors and the executive leadership team to continue driving long-term, sustainable success.”
About WeWork
WeWork Inc. (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we’ve become one of the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.
Contacts:
Media
Nicole Sizemore
press@wework.com
Investor Relations
Kevin Berry
investor@wework.com