WeWork announced it would appoint a lead independent director by the end of the year and reduce the voting power of co-founder Adam Neumann, bowing to investor pressure as the shared workspace provider battles to dispel scepticism ahead of its initial public offering.

The group said on Friday that it would reduce Neumann's outsize control of the company by cutting his voting rights from 20 votes per share to 10 and cancel the supervoting shares entirely in the event of his death.

We Company, WeWork's parent, said in a filing with the US Securities and Exchange Commission that the decision

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