Co-working firm WeWork has announced that its CEO, Adam Neumann, has resigned as the company looks to improve investor confidence before its IPO. Neumann was a co-founder of the company, which is based in San Francisco, and he had been serving on an interim basis since it went public last year. Japanese investment giant Softbank valued the company at $47bn (£37bn) in its most recent investment round. Many also questioned his leadership style. These concerns reportedly drove the company's value down to $10bn to $12bn, having previously been put at $47bn. WeWork's co-president and CFO, Artie Minson, and vice-chairman, Sebastian Gunningham, have been announced as co-CEOs, while Neumann will remain as non-executive chairman.
Co-working firm WeWork has announced that its CEO, Adam Neumann, has resigned as the company looks to improve investor confidence before its IPO. Neumann was a co-founder of the company, which is based in San Francisco, and he had been serving on an interim basis since it went public last year. Many also questioned his leadership style. These concerns reportedly drove the company's value down to $10bn to $12bn, having previously been put at $47bn. WeWork's co-president and CFO, Artie Minson, and vice-chairman, Sebastian Gunningham, have been announced as co-CEOs, while Neumann will remain as non-executive chairman.