The controversial cofounder is stepping down amid increasing pressure.
Photo by Jackal Pan/VCG via Getty ImagesUnder increasing scrutiny from board members and investors, WeWork’s Adam Neumann is stepping down as CEO of the company, according to an announcement on Tuesday., was made during a lengthy board call. Neumann will stay on as a nonexecutive chairman on the board.
WeWork will name two current executives, Artie Minson and Sebastian Gunningham as interim co-chiefs while it searches for Neumann’s permanent replacement., after reducing its estimated market valuation to as low as $10 billion, down from $47 billion in January. Investors—and particularly the company’s key shareholder, Softbank, had expressed concern over WeWork’s mounting losses, imbalanced corporate governance and Neumann’s unusually large degree of control over the company .
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