- WeWork real-estate investment fund chief investment officer Wendy Silverstein resigned from the company last week, The Real Deal reported on Friday.
- In May, WeWork announced the launch of ARK, an investment fund set up to purchase commercial properties to lease to WeWork.
- Silverstein told The Real Deal that she resigned in order to be available for her two elderly parents and that the move was not related to WeWork’s turmoil surrounding its IPO, which was recently delayed.
- WeWork has lost a number of executives in recent months.
- Visit Business Insider’s homepage for more stories.
WeWork real-estate investment fund chief investment officer Wendy Silverstein resigned from the company last week, The Real Deal’s David Jeans and Kathryn Brenzel reported on Friday.
Silverstein confirmed her resignation with the publication in an interview.
In May, WeWork announced the launch of ARK, an investment fund set up to purchase commercial properties to lease to WeWork.
Silverstein told The Real Deal that she resigned in order to be available for her two elderly parents and that the move was not related to WeWork’s turmoil surrounding its IPO.
WeWork delayed its IPO plans earlier this month, and now plans to go public by the end of the year.
Silverstein is the latest in a slew of WeWork departures in the months leading up to its parent company's IPO.
Senior WeWork communications executives Dom McMullan and Jennifer Skyler left the company in July and September, respectively. A dozen WeWork HR officials left between August 2018 and August 2019.
Soul Cycle founder Julie Rice, who became WeWork's chief brand officer in November 2017 according to Fast Company, left the company in August, The Real Deal reported. Ted Stedem, global head of business and financial operations, also left WeWork in August, Reuters reported, citing sources familiar with the matter.
Most recently, WeWork's global head of real-estate partnerships Sarah Pontius left the company, The Real Deal reported on Tuesday. Sources familiar with her departure called it a "mutual" agreement between Pontius and the company, also according to The Real Deal.
Read more: WeWork isn't even close to being profitable - it loses $219,000 every hour of every day
WeWork confidentially filed IPO paperwork in December 2018 as The We Company, which also includes WeLive and WeGrow. Neumann announced the filing four months later in April 2019. The We Company publicly filed its S-1 IPO paperwork in August. It was last privately valuated at $47 billion.
Following the public filing, investors and the media began flagging concerns about WeWork's path towards profitability and the impulsivity of its CEO, Adam Neumann. In response, WeWork has delayed its IPO and announced changes to its governance and some of its deals involving Neumann.
The We Company is now considering a valuation as low as $10 billion for its IPO, Reuters reported on September 13. Earlier in September, The Wall Street Journal and Bloomberg had reported that The We Company was considering a valuation around $20 billion for its IPO. The Journal also reported that the We Company may delay its IPO to 2020, and SoftBank reportedly urged the company to shelve the plans altogether.
As part of its changes in governance, WeWork has put limits on Rebekah Neumann, WeWork's cofounder and spouse of Adam Neumann. The We Company included a plan for succession in its IPO filing involving Rebekah Neumann, but she was later removed due to investor pushback. She has also been barred from serving on the board.
This story is developing. Check back for updates ...
