Share to linkedinUnder increasing scrutiny from board members and investors, WeWork’s Adam Neumann is stepping down as CEO of the company, according to an announcement on Tuesday., was made during a lengthy board call. Neumann will stay on as a non-executive chairman on the board.
WeWork will name two current executives, Artie Minson and Sebastian Gunningham , as interim co-chiefs while it searches for Neumann’s permanent replacement., after reducing its estimated market valuation to as low as $10 billion, down from $47 billion in January. Investors—and particularly the company’s key shareholder Softbank, had expressed concern over WeWork’s mounting losses, imbalanced corporate governance, and Neumann’s unusually large degree of control over the company .
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I expected this
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