REUTERS: WeWork co-founder Adam Neumann agreed on Tuesday to resign as chief executive and give up majority voting control, after SoftBank Group Corp and other shareholders turned on him over a plunge in the U.S. office-sharing start-up's estimated valuation.
We Company had vowed to press ahead with an IPO by the end of the year. But there was little sign that IPO investor sentiment would change, threatening the value of the stakes, not just of outside investors in the company, but of Neumann as well. Minson will oversee We Company's finance, legal, human resources, real estate and public communications, while Gunningham will take responsibility for product, design, development, sales, marketing, technology and regional teams.
During the company's attempts to woo IPO investors this month, Neumann was criticized by corporate governance experts for arrangements that went beyond the typical practice of having majority voting control through special categories of shares.
Source: News Formal (newsformal.com)
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