Adam Neumann Voted to Oust Himself as WeWork CEO

SHANGHAI, CHINA – APRIL 12: Adam Neumann, co-founder and chief executive officer of WeWork, speaks during a signing ceremony at WeWork Weihai Road flagship on April 12, 2018 in Shanghai, China. (Photo by Jackal Pan/Visual China Group)

Former WeWork CEO Adam Neumann reportedly voted to oust himself from leading the company. According to Reuters, the company’s seven-person board started laying the foundations for Neumann’s departure last weekend—in the midst of negative attention about WeWork’s valuation being slashed and the company postponing its initial public offering. A source said the board’s message to the 40-year-old co-founder of the company was: “Listen, this IPO has gotten distracted by you.” Neumann reportedly decided to back his own ouster because he felt that’s what was best for WeWork, though he still owns about a quarter of the company and is the non-executive chairman. Neumann has not publicly commented on the matter.

Read it at Reuters>

SOURCE: The Daily Beast – Julia Arciga