WeWork has brought in a slate of new board members experienced in restructuring troubled companies through bankruptcy to succeed three directors who resigned because of disagreements about the company’s governance and strategy, WSJ Pro Bankruptcy reported. The flexible workspace provider, once valued at $47 billion but with a market capitalization today of less than $300 million, said in a securities filing Tuesday that due to business setbacks including weaker-than-expected demand and higher member churn, it has substantial doubt about its ability to continue as a going concern. WeWork also said that board members Daniel Hurwitz, Vivek Ranadivé and Véronique Laury resigned last week due to “a material disagreement regarding board governance and the company’s strategic and tactical direction.” To replace them, WeWork appointed four new independent directors, all of whom have experience steering complex corporate defaults and bankruptcies.
