Upwork announced new board members to enhance its strategy in AI talent and enterprise offerings, while two directors retired.
Quiver AI Summary
Upwork Inc. announced changes to its Board of Directors as part of its strategy to enhance its offerings as a leading marketplace for AI talent and expand enterprise solutions. Following its Annual Meeting of Stockholders on June 5, 2025, two new directors, Dana L. Evan and Glenn Kelman, have been appointed, while longtime board members Gregory C. Gretsch and Elizabeth “Betsey” Nelson are stepping down. Evan, former CFO of VeriSign, will chair the Audit, Risk and Compliance Committee, while Kelman, CEO of Redfin, will join the Compensation Committee. The new additions are expected to provide significant insights and leadership as Upwork focuses on long-term growth in the evolving landscape of AI-driven work. The company expressed gratitude for the contributions of outgoing board members and emphasized its commitment to operational excellence and market leadership.
Potential Positives
- The addition of Glenn Kelman and Dana Evan to the Board of Directors brings significant leadership experience and expertise in technology and financial strategy, positioning the company for long-term growth.
Potential Negatives
- The announcement of changes to the Board of Directors could indicate a lack of stability, as the conclusion of service for two longstanding directors may raise concerns among stakeholders about governance continuity.
- The transition in leadership within the Board could be interpreted as a response to challenges the company is facing, which may highlight underlying issues rather than a purely strategic move.
- The mention of forward-looking statements acknowledges potential uncertainties and risks, which could cast doubt on the company’s future performance and operational effectiveness.
FAQ
What recent changes were made to Upwork's Board of Directors?
Upwork has appointed Dana L. Evan and Glenn Kelman as new directors, following the retirement of Gregory C. Gretsch and Elizabeth “Betsey” Nelson.
Who are the new directors joining Upwork?
Dana L. Evan, former CFO of VeriSign, and Glenn Kelman, CEO of Redfin, are the new additions to Upwork’s Board.
What roles will Dana Evan and Glenn Kelman serve on the Board?
Dana Evan will chair the Audit, Risk and Compliance Committee, while Glenn Kelman will join the Compensation Committee.
Why are these Board changes significant for Upwork?
The new directors bring extensive expertise in technology and financial governance, aligning with Upwork's strategic focus on AI talent and enterprise growth.
What is Upwork's mission and marketplace focus?
Upwork aims to connect businesses with skilled talent globally, promoting AI-powered work solutions and facilitating meaningful business outcomes.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$UPWK Insider Trading Activity
$UPWK insiders have traded $UPWK stock on the open market 43 times in the past 6 months. Of those trades, 0 have been purchases and 43 have been sales.
Here’s a breakdown of recent trading of $UPWK stock by insiders over the last 6 months:
- THOMAS LAYTON has made 0 purchases and 2 sales selling 500,000 shares for an estimated $8,746,450.
- HAYDEN BROWN (President & CEO) has made 0 purchases and 12 sales selling 265,632 shares for an estimated $4,249,223.
- ELIZABETH A NELSON has made 0 purchases and 4 sales selling 210,000 shares for an estimated $3,666,871.
- ERICA GESSERT (Chief Financial Officer) has made 0 purchases and 4 sales selling 42,037 shares for an estimated $677,815.
- DAVE BOTTOMS (GM, Marketplace) has made 0 purchases and 9 sales selling 38,515 shares for an estimated $591,315.
- OLIVIER MARIE (Chief Accounting Officer) has made 0 purchases and 12 sales selling 17,047 shares for an estimated $272,056.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$UPWK Hedge Fund Activity
We have seen 149 institutional investors add shares of $UPWK stock to their portfolio, and 146 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- LSV ASSET MANAGEMENT added 4,199,244 shares (+364.5%) to their portfolio in Q1 2025, for an estimated $54,800,134
- DORSEY ASSET MANAGEMENT, LLC removed 3,045,142 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $39,739,103
- MORGAN STANLEY added 2,027,818 shares (+190.7%) to their portfolio in Q1 2025, for an estimated $26,463,024
- CONTOUR ASSET MANAGEMENT LLC removed 1,506,610 shares (-100.0%) from their portfolio in Q1 2025, for an estimated $19,661,260
- ALLIANZ ASSET MANAGEMENT GMBH added 1,491,701 shares (+200.0%) to their portfolio in Q1 2025, for an estimated $19,466,698
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. added 1,357,476 shares (+41.1%) to their portfolio in Q1 2025, for an estimated $17,715,061
- ANCIENT ART, L.P. removed 1,138,872 shares (-23.1%) from their portfolio in Q1 2025, for an estimated $14,862,279
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$UPWK Analyst Ratings
Wall Street analysts have issued reports on $UPWK in the last several months. We have seen 2 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Citigroup issued a "Outperform" rating on 05/16/2025
- Jefferies issued a "Buy" rating on 01/06/2025
To track analyst ratings and price targets for $UPWK, check out Quiver Quantitative's $UPWK forecast page.
Full Release
PALO ALTO, Calif., June 06, 2025 (GLOBE NEWSWIRE) -- Upwork Inc. (Nasdaq: UPWK), the world’s work marketplace, today announced changes to its Board of Directors to support its continued evolution and long-term strategy to lead as the preeminent destination for AI talent and work, expand its enterprise offerings, and deliver work outcomes for customers.
Following Upwork’s Annual Meeting of Stockholders held on June 5, 2025, two new directors, Dana L. Evan and Glenn Kelman, have officially joined the company’s Board.
As part of a transition, Gregory C. Gretsch and Elizabeth “Betsey” Nelson concluded their longstanding service on the Board. Gretsch, a founding investor and director since 2014, has retired, and Nelson, who joined the Board in 2015 and served as chair of the Audit, Risk and Compliance Committee, did not stand for re-election.
Glenn Kelman, CEO of Redfin, brings decades of experience building and leading innovative, technology-powered marketplace businesses at scale. He has led Redfin since 2005, guiding it through significant growth and digital transformation in the real estate sector, and previously co-founded Plumtree Software, a publicly traded enterprise software company where he held leadership roles across engineering, product, marketing, and business development. Kelman will serve as a member of the Compensation Committee.
Dana Evan, former chief financial officer of VeriSign and current board member at Box and Nextdoor, brings a track record of financial leadership and governance across leading public technology companies. Evan will serve as Chair of the Audit, Risk and Compliance Committee, and as a member of both the Compensation Committee and the Nominating and Governance Committee.
Their additions reflect Upwork’s continued focus on pairing accelerated operational excellence with forward-thinking market leadership to advance the company’s long-term strategy and growth.
“I’m thrilled to welcome Glenn and Dana to our Board and look forward to partnering closely with them as we reinvent work for the age of AI,” said Hayden Brown, president and CEO of Upwork. “As a sitting CEO and former founder, Glenn offers tremendous value as a builder and seasoned operator of marketplace companies. Dana brings exceptional experience in financial strategy, governance, and scaling public companies. Each of these additions supports Upwork as a pioneer in the new era of AI-powered work. Their insights and stewardship will help drive our next chapter of durable, profitable growth.”
“We’re excited to welcome Dana and Glenn to the Board at a time of such dynamic opportunity for Upwork,” said Thomas Layton, chair of the Board. “Each brings a proven track record of leadership and deep domain expertise that aligns with our strategic priorities. We’re confident they will be invaluable partners as we support the company’s continued evolution and long-term growth. I also want to extend our sincere gratitude to Greg and Betsey for their many years of dedicated service and exceptional contributions to Upwork.”
About Upwork
Upwork is the world’s largest work marketplace that connects businesses with highly skilled independent talent from across the globe. From entrepreneurs to Fortune 100 enterprises, companies rely on Upwork’s trusted platform to tap into expert talent, leverage AI-powered work solutions, and drive meaningful business outcomes. With access to professionals spanning more than 10,000 skills across AI & machine learning, software development, sales & marketing, customer support, finance & accounting, and more, Upwork enables businesses of all sizes to scale, innovate, and build agile teams. Upwork’s platform has facilitated more than $25 billion in economic opportunity for talent around the world. Learn more at
upwork.com
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SAFE HARBOR
This press release of Upwork contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include all statements other than statements of historical fact, including any statements about future profitability, future operating results and financial position, information or predictions concerning the future of our business or strategy, anticipated events and trends, potential growth or growth prospects, competitive position, technological and market trends, the expected impact of cost-saving initiatives, and other future conditions.
We have based these forward-looking statements largely on our current expectations and projections as of the date hereof about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. As such, they are subject to inherent uncertainties, known and unknown risks, and changes in circumstances that are difficult to predict and in many cases outside our control, and you should not rely on such forward-looking statements as predictions of future events. We make no representation that the projected results will be achieved or that future events and circumstances will occur, and actual results may differ materially and adversely from our expectations. The forward-looking statements are made as of the date hereof, and we do not undertake, and expressly disclaim, any obligation to update or revise any forward-looking statements, conform these statements to actual results, or make changes in our expectations, except as required by law. Additional information regarding the risks and uncertainties that could cause actual results to differ materially from our expectations is included under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on May 5, 2025, and in our other SEC filings, which are available on our Investor Relations website at investors.upwork.com and on the SEC’s website at www.sec.gov.
Contact:
Elisabeth Hutchinson
[email protected]
