Adam Neumann will step down as WeWork’s CEO. Here’s what that means for the company and its IPO.
WeWork CEO Adam Neumann will step down amid controversy over his role, the company has confirmed.exec, and CFO Artie Minson, formerly of AOL and Time Warner Cable, will take over as co-CEOs, while Neumann will be non-executive chairman, the company said. The new CEOs are not taking over on an interim basis, but rather are expected to remain in those roles, a person familiar told CNBC.
"While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive," Neumann said in a statement. Neumann's future at WeWork has been in question as the company has been preparing for an initial public offering. The company
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