Adam Neumann won't work as WeWork's chief executive much longer.
The WeWork co-founder and CEO is set to step down amid mounting pressure from board members and investors, The New York Times reports. A "lengthy board call" on which this decision was made reportedly took place Tuesday. WeWork, which offers shared office space for rent, last year lost $1.6 billion. Its initial public offering was recently delayed by months, and the Times notes the company is "unlikely to turn a profit in the foreseeable future."
Neumann will, however, reportedly stay on as nonexecutive chairman of the We Company, the parent of WeWork. During the search for a permanent successor, Sebastian Gunningham and Artie Minson are to become interim co-chief executives, the Times reports. The Wall Street Journal also reported on Neumann's departure Tuesday, adding an official announcement could come today.
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This comes just two days after the Journal reported that a bloc of WeWork directors was planning to push for Neumann's ouster as CEO, and a week after the Journal published an article packed with strange details about Neumann's drug use and supposed interest in becoming "president of the world," a plan that just hit a major snag. Presumably, WeWork executives will see Neumann out with tequila shots and a performance of "It's Tricky."
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