WeWork CEO Adam Neumann Steps Down Amid Stalled IPO
WeWork CEO Adam Neumann Steps Down Amid Stalled IPO
Adam Neumann is stepping down as CEO of WeWork. REUTERS Eduardo Munoz File
25 September, 2019, 00:27
WeWork co-founder Adam Neumann has agreed to resign as chief executive of the US office-sharing company but will remain as non-executive chairman, bowing to pressure from some of his investors, people familiar with the matter said on Tuesday.
Artie Minson, now chief financial officer of WeWork parent We Company, and Sebastian Gunningham, a vice chairman for the New York-based start-up, will become co-chief executives, the sources said.
The news of both Neumanns stepping down from C-suite roles at The We Company comes amid the company's attempt to go public.
Neumann, whose net worth is pegged by Forbes at $2.2-billion, developed a cult following among many We Company employees, vowing to "elevate the world's consciousness" as he sought to establish WeWork as a brand that transcended office sharing. The company's valuation, once estimated at $47 billion, reportedly has dropped to less than $20 billion and its initial public offeringhas been delayed.
Of course, Neumann has the power through his super majority shares to fire the board, but going nuclear would only reinforce his reputation as an imperial CEO and hurt the stock offering, sources added.
"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", he added.
Low said he continues to believe in the company and that vision. He has since given back the money for the naming rights, and committed to giving his profits from the related real-estate deals back to the company. Chief among his opponents is SoftBank's founder Masayoshi Son, who had previously been a champion of Neumann's leadership.
WeWork reported that it has 527,000 members and 528 locations at the end of June and said it plans to open 169 new locations.
But the brash charisma that once attracted investors emerged as a liability as WeWork made a decision to sell its shares on the public market. It has also been updated to state that the company will not search for an external CEO.
According to CBS MoneyWatch's calculations, based on WeWork's latest financials that were released as part of the documents that were filed for its stalled IPO, WeWork has about five months cash on hand - or nearly $1.5 billion -before it will either have to raise more money or face questions about its prospects.
While his investors were willing to entertain his eccentricities over the last decade that he has led WeWork since its founding in 2010, his free-whiling ways and party lifestyle came into focus once he failed to get the company's IPO underway.
The unexpected attendance came almost two years after the Trump administration pulled out of the 2015 Paris accord in 2017. Besides, the President also retweeted the tweet of MEA spokesperson Ravish Kumar and called the event "incredible".
Her lawyers are hoping to bring the case to the Supreme Court, where they want her conviction to be reviewed and vacated. Roy, 18, poisoned himself with carbon monoxide in a truck he parked in a Kmart parking lot in Fairhaven, Mass.
Those financing and trade-in options may be enough to fight both the current phone market saturation and the iPhone's steep costs. The iPhone 11 Pro comes with a 5.8-inch OLED display in a body that's no bigger than the iPhone 7 which packs a 4.7-inch display.
All patients in the recent outbreak now under investigation had used an electronic cigarette or other vaping device. No individual vapers will be targeted, Mitch Zeller, director of the FDA's Center for Tobacco Products.
UAW's leadership had previously won overwhelming approval from its rank-and-file for a strike if it became necessary. Thousands of UAW members went on strike at the General Motors manufacturing complex in Flint at midnight on Monday.
AB 170 would offer a one year exemption from AB 5 for newspaper carriers and publishers who are under contract. Labor activists celebrated the new law. "Assembly Bill 5 is landmark legislation for workers and our economy".
These officials were "speaking on the condition of anonymity because they were not authorized to discuss the matter publicly". Giuliani's efforts created the impression that the Trump administration's willingness to back Mr.
Twenty-five pilotless aircraft and cruise missiles were used to attack the two sites, Maliki told reporters gathered in Riyadh. Saying the Houthis were responsible for the drone strikes, he said: "They attacked an industrial center to warn you".
Trump also praised the contributions of the Indian-Americans, saying they have enriched "our culture and uplifted our values". Howdy Modi is one of the highlights of the Prime Minister's seven-day tour in the US.
Hudson-Odoi and Lampard had face-to-face talks during pre-season amid rumours the player was seeking to leave Stamford Bridge . Callum Hudson-Odoi has put pen to paper in a new five-year-contract with Chelsea .
Representative to the United Nations General Assembly, where he worked with Bolton. The position of national security adviser doesn't require Senate confirmation.
Daniel Jones just made me look like an idiot
The rookie QB made quite the first impression, completing 23 of his 36 passes for 336 yards, two touchdowns and no interceptions. ET, FOX, DirecTV) in a Week 3 game. "That's what's most exciting". "Just congratulations and just happy for me", Jones said.
Queer Eye's Jonathan Van Ness reveals he is HIV-positive
In an interview with The New York Times , the 32-year-old admitted he was scared to come out during the height of his popularity. He revealed that he began doing cocaine during his first semester of college and later started smoking methamphetamine.
Oscars 2020: Gully Boy is India's official entry
Social media users and B-town celebs were all praise for the film and internet is buzzing with all the " Gully Boy " updates. The 92nd Academy Awards is scheduled to be held on February 9, 2020 at the Dolby Theatre in Los Angeles, US.
Trump sues Manhattan DA seeking to block tax return subpoena
District Court docket in New York Thursday in opposition to the accounting firm Mazars USA and New york District Lawyer Cyrus R. Trump's aides also argue that California's plan will hurt consumers because new auto prices will rise an average of $2,300.
Former 'House Hunters' host Suzanne Whang dead at 56
The actress and comedian was first diagnosed with breast cancer in 2006, her agent, Eddie Culbertson, told "Good Morning America". Whang also had roles on multiple TV shows including " General Hospital ", "Criminal Minds", " Las Vegas ", and " NYPD Blue ".
Red Sox lose to Giants 7-6 in 15 innings
The Giants are 8-1 in Samardzija's last nine road starts and 4-1 in his last five versus the AL East. Chacin remains unscored upon through his 5 2/3 innings across three appearances with the Red Sox.
Trump contradicts aides, self on Iran talks
The US military, he said, was working with its partners to "address this unprecedented attack". "That was a very large attack, and it could be met by an attack many, many times larger".
Trump says it looks like Iran was behind Saudi oil attacks
Trump affirmed he was ready to help its ally Saudi Arabia after the attacks that triggered a record leap in world oil prices. Mr Khamenei told state television: "Iranian officials, at any level, will never talk to American officials".
OnePlus 7T and 7T Pro specifications revealed
The event invitation itself is sparse on details other than confirming a 90Hz display which seems to becoming a new trend. It may include the same camera setup as of OnePlus 7T expect it's telephoto lens with improved 3x optical zoom support.