Photo by Michael Kovac/Getty Images for WeWork
WeWork founder Adam Neumann is stepping down as CEO of The We Company, The New York Times is reporting. Neumann is expected to remain with the shared office startup as chairman, but he will reportedly give up majority control of the company, according to The Wall Street Journal.
Neumann is leaving his post after a roller-coaster summer where his startup went from being one of the most highly valued companies on the planet to shelving plans for an initial public offering. 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. The filing also shed light on some of Neumann’s alleged self-dealing,…
WeWork CEO Adam Neumann is stepping down
Source: New feed
