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Home » Tech » WeWork co-founder Adam Neumann steps down as CEO amid investor’s pressure

WeWork co-founder Adam Neumann steps down as CEO amid investor’s pressure

Former Amazon executive and WeWork’s vice chairman Sebastian Gunningham, as well as the company’s president & chief operating officer Artie Minson will serve as co-CEOs.

By Newsd
Updated on :

US based shared workspaces startup WeWork’s co-founder and chief executive officer Adam Neumann has stepped down from the CEO role and will serve as non-executive chairman of the board, the company confirmed in a press release Tuesday following a report from The Wall Street Journal.

Former Amazon executive and WeWork’s vice chairman Sebastian Gunningham, as well as the company’s president & chief operating officer Artie Minson will serve as co-CEOs.

WeWork’s largest investor SoftBank’s CEO Masayoshi Son led the charge to remove Neumann, CNBC reported.

“As co-founder of WeWork, I am so proud of this team and the incredible company that we have built over the last decade,” Neumann said in a statement. “Our global platform now spans 111 cities in 29 countries, serving more than 527,000 members each day. While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive. Thank you to my colleagues, our members, our landlord partners, and our investors for continuing to believe in this great business.”

According to the latest news, Neumann’s voting shares will be reduced from 10:1 to 3:1.

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