WeWork CEO Adam Neumann Steps Down
(RTTNews) - WeWork co-founder Adam Neumann has decided to step down as chief executive officer of sharing startup, calling the increased scrutiny he faced in recent weeks "a significant distraction." But, he will continue as non-executive chairman of the board. He will reportedly give up majority control of the company.
"As co-founder of WeWork, I am so proud of this team and the incredible company …While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive," Adam Neumann said in a statement.
WeWork has appointed Artie Minson, formerly co-president and chief financial officer, and Sebastian Gunningham, formerly vice chairman, as chief executive offices of the company.
Neumann came under fire after the company's prospectus filing for the IPO revealed heavy losses and a wide discrepancy in the distribution of power between him and the company's other shareholders.
Neumann was pressured by board members and investors to step down, and it's been reported that even SoftBank's Masayoshi Son supported his removal.
