Board members of WeWork's holding company will pressure CEO Adam Neumann to step down
The Topline: CEO Adam Neumann to step down after key investors voiced disquiet about mounting losses and the co-working startup's botched initial public offering, according to reports. reported that We Company board members tied with SoftBank, the company's largest investor, were likely to call for How many of We Company's seven-member board will side with Neumann remains unclear but attempts to replace him could backfire.
The tensions between SoftBank and WeWork emerged following the startup's delayed decision to postpone its IPO last week following its icy reception from institutional investors. WeWork planned to lists its shares based on a valuation of around $10 billion, a sharp discount on the $47 billion valuation from its last fundraising round in January which was led by SoftBank.Neumann may need to show more humility to repair the rift that has emerged with his key investor SoftBank.
. WeWork might not have long to reach a detente as it burns through its capital reserves to fuel its global expansion. Neumann's influence and control of WeWork has parallels with Uber founder Travis Kalanick. The Uber CEO was resigned in June 2017 after facing a revolt by key shareholders over his aggressive leadership style and scandals that had dogged the
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