Upwork Board Faces Scrutiny from Investor Engine Capital as Activist Investor Pushes for Board Shakeup

Activist investor Engine Capital, holding a 4% stake in Upwork, is urging a board shakeup to address critical issues within the company. In a letter to the board, Engine pointed out a lack of strategic clarity, frequent management changes under CEO Hayden Brown, and potential conflicts of interest among board members. Engine highlighted Upwork’s failure to keep pace with competitor Fiverr, suggesting the company simplify its platform, reduce costs, and focus on enterprise growth. Upwork’s stock is down 37% this year and 85% from its 2021 high.