Some WeWork directors want to remove its CEO, reports say
Some members of the WeWork board are said to be unhappy with its leadership and plan to push WeWork CEO Adam Neumann to step down, according to several media reports.
The reports say the board members are connected to Japanese firm SoftBank Group, WeWork's biggest investor. The Wall Street Journal and other outlets cited anonymous sources familiar with the matter. We Co. declined to comment and SoftBank did not respond to a request for comment.
Concerns about Neumann's management style has roiled the company, with a recent report in The Wall Street Journal that the CEO had reportedly smoked marijuana on a Gulfstream G650 private jet while traveling across the Atlantic. The jet's owner, said to be worried about transporting marijuana across borders, reportedly recalled the aircraft.
On Tuesday, WeWork pushed back plans for an initial public offering until as late as year-end. Once valued at $47 billion, the office-share company is facing questions amid a $1.6 billion loss in 2018 and worries about its co-founder's grip over the company and its board.
The board is expected to meet early this week and consider a proposal for Neumann to become non-executive chairman of We Co., The Wall Street Journal reported on Sunday.
Skepticism about WeWork's business model has deepened since the company outlined its finances in paperwork related to the IPO. Although the company's revenue has risen sharply, reaching $1.8 billion in 2018, its losses have mounted almost as quickly, reaching $1.6 billion last year.
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A group of WeWork board members is reportedly attempting to remove the company's CEO, Adam Neumann. The Wall Street Journal reports that some members of the group looking to oust the office-sharing company's chief executive are
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Image Adam Neumann Credit Credit Eduardo Munoz/Reuters Good Monday morning. (Was this email forwarded to you? Sign up here.) Some directors and large investors in WeWork - including the company's biggest backer, SoftBank
WeWork's biggest backer, several other investors, and some board members are reportedly plotting to remove cofounder Adam Neumann as CEO. A meeting on this issue, originally planned for later this week, is now planned for Monday,
A group of WeWork directors are planning to push Adam Neumann to step down as CEO, according to The Wall Street Journal. It's been several weeks of turmoil for the founder and his co-working behemoth. WeWork's
The Topline: Board members of WeWork's holding company will pressure CEO Adam Neumann to step down after key investors voiced disquiet about mounting losses and the co-working startup's botched initial public offering,
Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. What makes WeWork's business bad is what makes it great News only seems to be getting worse for
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