FILE PHOTO: Adam Neumann, CEO of WeWork, speaks to guests during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz -/File Photo
- Some WeWork board members, including officials tied to SoftBank Group Corp , are planning to try to push Adam Neumann to step down as chief executive, The Wall Street Journal reported on Sunday, citing people familiar with the matter. The company's board is expected to meet as soon as this week and potentially consider a proposal for Neumann to become WeWork's non-executive chairman, which would allow him to stay at the company but inject new leadership to pursue its initial public offering , WSJWeWork declined to comment on the report and SoftBank was not immediately available for a comment outside business hours.
WeWork’s owner The We Company has faced concerns about its corporate governance standards, as well as the sustainability of its business model. Reuters reported last week that We Company was considering seeking a valuation in its IPO of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January.Our Standards:
It should be called WeWrite Down to Zero. What to do when you raise money at valuations so high that you can’t even plug retail investors? The game of PE hot potato is coming to an end.
Maybe they should “try” to make him return the 700mil?
Can they if he fights it
loved reading the piece on him, good stuff.
Emphasis on “try”.
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WSJ News Exclusive | Some WeWork Board Members Seek to Remove Adam Neumann as CEOA bloc of WeWork directors is planning to push Adam Neumann to step down as chief executive after a tumultuous week in which the startup delayed its IPO. How much longer can they play the malinvestment game? A decade, two? Three? The rest of this century?
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Renovation work on WeWork CEO Adam Neumann's $10.5 million Manhattan townhome led to disputes with contractors over $1 million in alleged unpaid billsNeumann and his wife Rebekah planned to completely renovate their townhome. But contractors claimed they didn't pay all their bills. Adam Neumann seems like a peach... WeWork I hope he pays his pot dealer cash upfront. Shocker.
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Things are only going to get worse for WeWork, predicts NYU professor Scott Galloway: ‘It’s beginning to smell like malfeasance’Things are only going to get worse for WeWork, predicts NYU professor profgalloway: ‘It’s beginning to smell like malfeasance' profgalloway Is that smell from a bong?
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