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NewsBreak: WeWork CEO Stepping Down - Report

Published 09/24/2019, 01:08 PM
Updated 09/25/2019, 04:16 AM
© Reuters.

Investing.com - WeWork co-founder Adam Neumann is stepping down as CEO in the wake of the company’s delayed IPO, the New York Times reported Tuesday.

  • Neumann was pressured by board members to give up his post, but will remain nonexecutive chairman of WeWork parent We Co., the Times said, citing a person briefed on the decision.

  • Current executives Sebastian Gunningham and Artie Minson will serve as interim co-chief executives, the Times reported.

  • WeWork also may lay off as many as 5,000 employees, a third of its workforce, in an effort to cut costs, The Information reported Tuesday.

    Latest comments

    What a travesty. I hope they find a way out and are able keep its workforce intact..
    Too bad! One of my favs. The culture at WeWork's offices is awesome.The global footprint enables scaling for startups.
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