Co-working firm WeWork has announced that its CEO, Adam Neumann , has resigned as the company looks to improve investor confidence before its IPO. WeWork agreed to step down after increased scrutiny from major backers such as Neumann over the close ties between the firm and his personal finances. Market sentiment has turned, after shares in other high-profile, loss-making start-ups such as ride-hailing apps Uber and Lyft, have crashed following flotation. Many also questioned his leadership style. These concerns reportedly drove the company's value down to $ 47bn to $ 12bn , having previously been put at $ 47bn . CFO 's co-president and CFO , Neumann , 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. WeWork agreed to step down after increased scrutiny from major backers such as Neumann over the close ties between the firm and his personal finances. Many also questioned his leadership style. These concerns reportedly drove the company's value down to $ 47bn to $ 12bn , having previously been put at $ 47bn . CFO 's co-president and CFO , Neumann , and vice-chairman, Sebastian Gunningham , have been announced as co-CEOs, while Neumann will remain as non-executive chairman.