06:48 AM EDT, 09/16/2024 (MT Newswires) -- (Updates with statement from Upwork ( UPWK ) throughout.)

Upwork ( UPWK ) is being challenged by activist investor Engine Capital, which is pushing for an overhaul of the company's board, the company said Friday.

Engine has a 4% stake in Upwork ( UPWK ) and is demanding a shakeup of the company's board, citing a "lack of strategic clarity and focus," CNBC reported

"Brown is now effectively on her third management team in four years," Engine's founder Arnaud Ajdle wrote in the letter.

Engine suggested Upwork ( UPWK ) remove board members including Chairman Thomas Layton and Gary Steele.

Upwork's ( UPWK ) said the company maintains "an open dialogue with and value constructive input from investors" and has met with Engine.

"We are focused on the right core value drivers of the business and are making demonstrable progress," the company said.

Engine did not immediately reply to MT Newswires' request for comment.

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