Report: WeWork’s Adam Neumann to step down as CEO
WeWork’s co-founder and chief executive officer Adam Neumann is expected to step down, according to a new report from The Wall Street Journal. WeWork’s vice chairman Sebastian Gunningham, as well as the company’s president & chief operating officer Artie Minson will serve as interim co-CEOs.
The eclectic executive has faced increasing pressure to relinquish his throne after another report from the WSJ highlighted his drug use and desires to become Israel’s prime minister, among other strange behaviors. In a statement provided to CNBC, Neumann admitted the scrutiny toward him had became a distraction: “I have decided that it is in the best interest of the company to step down as chief executive,” he told the outlet via prepared statement.
WeWork hasn’t responded to a request for comment.
SoftBank, the Japanese investor that has funneled billions into the star co-working business, is said to have encouraged — rather, enforced — Neumann’s reported transition out of the CEO role ahead of the company’s anticipated initial public offering. Per the WSJ, moving to the chairman seat would “allow [Neumann] to stay at the company he built into one of the country’s most valuable startups, but inject fresh leadership to pursue an IPO that would
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