WeWork’s Former Leading Lawyer Picks Up Lawful Main Position at DailyPay

Former WeWork Inc. legal and compliance main Jared DeMatteis has landed a leading post at DailyPay Inc., an on-demand payroll services startup.

DeMatteis, who stepped down previous month from WeWork, is DailyPay’s very first chief lawful and system officer, the business said Tuesday. He oversees DailyPay’s legal, compliance, regulatory, policy, and company advancement features.

DailyPay is just one of a number of new third-bash pay back companies that have attained attractiveness and faced regulatory scrutiny in new years. DailyPay turned down a documented $2 billion takeover bid previous calendar year by Chime Financial Inc., a fellow financial technological innovation company.

DeMatteis invested eight years at WeWork immediately after functioning for Cravath, Swaine & Moore and Wilmer Cutler Pickering Hale and Dorr. He turned WeWork’s prime attorney in 2021 following the exit of former legal main Jennifer Berrent, who earlier this 12 months became of counsel at corporate boutique Buhler Duggal & Henry.

DeMatteis been given additional than $4.6 million in overall payment for the duration of fiscal 2021, WeWork disclosed in its most new proxy assertion. His shell out bundle at the co-doing the job business bundled $624,000 in foundation salary, $1.9 million in stock and selections awards, and a practically $2.1 million reward.

WeWork will pay out DeMatteis $534,000 this year in lieu of his 2022 yearly cash bonus as element of a changeover companies arrangement, in accordance to a securities submitting previous thirty day period by the New York-dependent company. WeWork promoted Pamela Swidler, a former head of Americas and intercontinental authorized, to do well him.

The genuine estate outfit announced a significant restructuring this thirty day period with its previous operator, SoftBank Group Corp., to increase funds and cut about $1.5 billion in credit card debt. WeWork went community in 2021 by combining with a particular goal acquisition corporation advised by Cooley.

DailyPay Moves

New York-based mostly DailyPay has been fast paced in new many years developing out its lawful and compliance workforce, employing Vladimir Kleyman from Sotheby’s Economic Providers Inc. to be its initial-at any time typical counsel in 2020.

The adhering to year, DailyPay recruited one more previous Sotheby’s law firm, Jane Levine, to serve as its main compliance officer.

A spokeswoman for DailyPay verified that Kleyman and Levine will now report to DeMatteis in his new part and that the company’s most important exterior authorized advisers are Cooley and Goodwin Procter.

DailyPay also confirmed its promotion this month of Ryan Naples, a attorney whom the firm at first employed in 2021, to be its director of general public plan. Naples was formerly a senior manager for public policy at Lyft Inc.

Matthew Kopko, a former Cooley affiliate who had been DailyPay’s vice president of general public plan, is now an adviser to the organization just after he took a new task in January at Attempt Asset Management LLC.