WeWork may now actually work as Adam Neumann steps aside

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The charismatic if controversial Neumann is being replaced by a solid numbers guy and a proven tech guy as co-CEOs

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Neumann succumbing to mounting pressure from his board, resigned as CEO of We Company, and takes the role of non-executive chairAdam Neumann. Picture: REUTERS/EDUARDO MUNOZ

Neumann has been replaced by Minson and another WeWork executive, Sebastian Gunningham, who are now co-CEOs of the troubled co-working giant. The two men, both with years of public company experience in various roles — but scant background in real estate — will seek to bring order to the chaos that has surrounded WeWork’s botched IPO.

Instead of tequila, Neumann produced two bottles of single-malt whisky and meted out small shots. It was before noon Instead of tequila, Neumann produced two bottles of single-malt whisky and meted out small shots. It was before noon.Minson, according to a person familiar with the company, is a polished executive who represents a “sober choice” for WeWork. Minson studied accounting at Georgetown University and earned his master’s in business administration from Columbia Business School. As an accountant, he worked at EY before starting work in the media industry.

Despite Minson’s numbers-heavy background, he still has “the salesman capability”, said one person who knows Minson but who asked not to be identified speaking about private interactions. Minson would often crack jokes when talking with the investors and analysts at Time Warner Cable, the person said, and was more personable than a typical CFO.

It wasn’t all tech giants for Gunningham, though. He also ran a company called Peace Software that specialised in managing billing for utilities, and sold it to First Data in 2006. He joined Amazon the following year, back when the company still had a relatively flat structure. There, he built a sprawling organisation to manage Amazon’s fast-growing, third-party marketplace business. Later, he was responsible for implementing automation that made much of that operation obsolete.

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