Breaking: Adam Neumann is expected to step down as WeWork CEO but remain chairman, according to people familiar with the matter
By Eliot Brown, Dana Cimilluca, David Benoit and Maureen Farrell Updated Sept. 24, 2019 1:31 pm ET WeWork co-founder and Chief Executive Adam Neumann is expected to step down after the company’s much-anticipated initial public offering was derailed, capping a remarkably swift fall from grace for the leader of one of the country’s most valuable startups.
Mr. Neumann’s position at the company became tenuous after We postponed an IPO earlier this month amid concerns from prospective investors about its governance and ability to reverse big losses. That skepticism has placed a major dent in the company’s expected valuation, which has plummeted from $47 billion earlier this year to as low as $15 billion.
Further undercutting his position: eccentric behavior that was detailed in a Wall Street Journal article last week, including a party-heavy lifestyle that included marijuana use in an airplane and unpredictable management decisions. The situation is delicate because Mr. Neumann controls the nine-year-old company and its board, which he could summarily dismiss if he wanted.
It has been a rapid turn of events for Mr. Neumann and We, which a little more than a month ago was the country’s most valuable startup with high hopes of a successful public offering. But soon after it unveiled its IPO filing in mid-August, criticism and concerns began piling up.
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