The controversial co-founder is stepping down amid increasing pressure.
Share to linkedinUnder increasing scrutiny from board members and investors, WeWork’s Adam Neumann is stepping down as CEO of the company, according to an announcement on Tuesday., was made during a lengthy board call. Neumann will stay on as a non-executive chairman on the board.
WeWork will name two current executives, Artie Minson and Sebastian Gunningham , as interim co-chiefs while it searches for Neumann’s permanent replacement., after reducing its estimated market valuation to as low as $10 billion, down from $47 billion in January. Investors—and particularly the company’s key shareholder Softbank, had expressed concern over WeWork’s mounting losses, imbalanced corporate governance, and Neumann’s unusually large degree of control over the company .
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