'Trends that have been left largely unchecked in Silicon Valley for decades, and hopefully provides the industry with meaningful lessons learned on its eventual pathway to become a more healthy environment.'
As reporters covering WeWork for WSJ, Maureen Farrell and Eliot Brown came to see the company’s high-altitude tailspin in the fall of 2019 as one of the most momentous events in business they’ve ever witnessed. It was an “emperor’s new clothes” moment, one where $40 billion of paper value vaporized, and the country’s most-valuable and most-hyped startup turned into a distressed real estate asset.
McKelvey wasn’t enamored of Anaya as an employee. She scored low in performance reviews, and in the midst of Neumann’s push for stepping up firings in the summer of 2018, McKelvey made the call: Anaya had to go. But when Neumann found out about the lawsuit, he was livid. He gathered McKelvey and others, including Jen Skyler, the head of communications. Neumann told Skyler the company would issue a statement attacking Anaya. Further, he said, Skyler should leak images to the media that portrayed Anaya in a bad light. WeWork had collected a number of photos from social media and elsewhere that showed her partying.
Email alerts flashed on the phones of WeWorkers everywhere, and employees were horrified as they read the note. Many employees saw McKelvey as friendly, optimistic, and approachable, qualities that gave them hope in WeWork’s mission. Now, after one of his employees was alleging sexual harassment, he was publicly denigrating her?
Still, few saw wholesale change. A lawsuit brought in the spring of 2019 would reveal that fifty- eight executives were given new compensation packages worth more than $1 million. Just three were women. “I hope you’re going to have fun on your vacation while we’re here working,” he told Medina Bardhi, Neumann’s longtime chief of staff, according to an employment complaint she filed. She alleged she was given a lesser job upon returning after maternity leave, unable to keep her old position.
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