WeWork chief Neumann's top lieutenants step up as successors

REUTERS: As WeWork parent We Company's CEO Adam Neumann asked Artie Minson and Sebastian Gunningham to separately take care of the U.S. office-sharing space start-up's finances and business, they developed turfs that became their mutual ticket to the top job.

While these responsibilities are in line with Minson and Gunningham's previous roles, Neumann's absence will allow them to carry them out unimpeded. This is because the 40-year-old co-founder of We Company requested most decisions, no matter how small, to go through him, even though he often did not have the bandwidth to deal with them, according to five current and former We Company employees, who spoke on condition of anonymity.

While Gunningham was unable to fully rein in Neumann, he played an important role in organizing We Company's operations, to the extent some employees said they referred to him as"shadow CEO" and"the adult in the room". One of them quipped that Gunningham was the most important We Company executive not to be mentioned in its initial public offering prospectus, when it was first published last month. An updated version of the prospectus included him.

One of Minson's main attractions to Neumann was his ability to present We Company's earnings in a positive light, leading to frothy valuations, the sources said. For example, Minson helped create the term"community-adjusted" earnings, a non-standard metric that flattered the company's numbers by excluding rent and tenancy expenses. The metric was excluded from the company's IPO prospectus.

If you were watching a fantasy epic about an evil, spoiled prince who made a deal with a witch to have his uncle killed, that character would look like Neumann.

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