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.
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 agreed to step down after increased scrutiny from major backers such as SoftBank 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 $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.