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September 24, 2019 06:00 pm

WeWork's Neumann Is Stepping Down as CEO

Adam Neumann, the charismatic entrepreneur who led WeWork to become one of the world's most valuable startups, is stepping down as chief executive officer, after a plan to take the company public hit a wall. From a report: Members of WeWork's board have been pressuring Neumann in recent days to step aside, taking a new role as non-executive chairman. The move is designed to salvage an initial public offering, which had been met with immediate scorn from public investors. A litany of apparent conflicts of interest and Neumann's propensity to burn through capital were chief concerns. Two senior WeWork executives, Sebastian Gunningham and Artie Minson, will become co-CEOs. WeWork's parent company, We Co., intends to push ahead with the IPO, but some people briefed on the deliberations said it's unlikely to take place next month as planned. The new CEOs said in a statement that they will be "evaluating the optimal timing for an IPO."

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/1S5Qy4HoFC4/weworks-neumann-is-stepping-down-as-ceo

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