WeWork co-founder Adam Neumann agreed on Tuesday to resign as chief executive an...
) who joined We Company last year, will take responsibility for product, design, development, sales, marketing, technology and regional teams.
Neumann’s shares used to have the same voting power as 20 We Company common shares, before he agreed to reduce his grip slightly earlier this month in an unsuccessful attempt to make the IPO more attractive to investors.Neumann, whose net worth is pegged by Forbes at $2.2 billion, developed a cult following among many We Company employees, vowing to “elevate the world’s consciousness” as he sought to establish WeWork as a brand that transcended office sharing.
These included giving his estate a major say in his replacement as CEO, and tying the voting power of shares to how much he donates to charitable causes. FILE PHOTO: Adam Neumann, CEO of WeWork, speaks to guests during the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz/File Photo
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