NEW YORK: Japan's SoftBank Group Corp, the biggest investor in WeWork owner The We Company, is exploring ways to replace Adam Neumann as chief executive of the US office-sharing start-up, four people familiar with the matter said on Sunday .
It invested in We Company at a US$47 billion valuation in January, yet stock market investor scepticism led to the start-up considering a potential valuation in the IPO earlier this month of as low as US$10 billion, Reuters reported. No challenge to Neumann has yet been tabled, the sources said. A We Company board meeting to discuss Neumann's future could be held as early as this week, another of the sources said.One option that SoftBank is considering is asking Neumann to become interim CEO while a headhunting firm is hired to find an external replacement, the first source said.
As co-founder of the We Company, Neumann holds special voting shares that enable him to dismiss dissident board directors and shoot down any challenge to his authority.
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