WeWork makes sweeping corporate governance changes in advance of its IPO

We Co., as it prepares for an IPO, said Friday it would make substantial changes to the oversight of its company after investors voiced dissatisfaction with the unusual governance structure.

Among the biggest changes, the super voting shares of We Co. won’t be quite as super as originally planned. WeWork’s parent company had originally proposed that there would be 20 votes for each share of Class A stock. Now they will have 10 votes each, according to a regulatory filing in advance of its planned initial public offering.

Those extra votes would completely vanish, becoming only a single vote, if CEO and co-founder Adam Neumann, 40, dies or becomes incapacitated.

Neumann has 2.4 million of those shares, but that’s not a majority. Instead, 32.6 million are held by venture capital firm Benchmark Capital Partners and its chief Bruce Dunlevie, a WeWork director. Those super voting shares will still have majority control of the company.

We Co. also announced Friday it would list on the Nasdaq stock exchange.