Published 19:54 IST, September 23rd 2019
WeWork directors unhappy with CEO Adam Neumann; seek to remove him
As per media reports, some members of the WeWork board are unhappy with its CEO Adam Neumann and his leadership and plan to ask him to leave the post
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Some members of the WeWork group are unhappy with its CEO Adam Neumann and the board of directors looks forward to removing the CEO. The members are not happy with the CEO's leadership qualities and according to the reports, the members would soon ask him soon to abandon the title. According to the reports, the board of members is connected to the Japanese firm SoftBank Group, WeWork's largest investor. Some news sources and other outlets cited anonymous sources familiar with the matter. The WeWork group declined to comment on anything on this matter and SoftBank did not respond to a request for comment.
The WeWork CEO's wife "has ordered multiple employees fired after meeting them for just minutes, telling staff she didn’t like their energy" https://t.co/t9oGq8ebTb
— Tom Gara (@tomgara) September 18, 2019
About WeWork
Earlier in September, WeWork delayed plans for an initial public hearing. Doubts about WeWork's business model intensified after the company outlined its finances in paperwork related to the IPO. The revenue of the company has risen sharply reaching $1.8 billion in 2018. The company also faced huge losses reaching almost around $1.6 billion the previous year.
WeWork is an American real estate company that provides shared workspaces for technology startups and services for other business entities. It was established in 2010 in New York City. It designs and builds physical and virtual shared spaces and office services for entrepreneurs and companies. It has more than 5000 employees in over 280 locations, spread across 86 cities in 32 countries.
About the CEO
Adam Neumann is an Israeli born businessman. He co-founded WeWork with Rebekah Neumann and Miguel McKelvey. A shared interest in community upbringings and design-led them to create Green Desk in 2008, a shared-workspace business focusing on sustainability, which served as the precursor to WeWork.Neumann stated that with WeWork, he intended to replicate the feeling of togetherness and belonging he felt in Israel and that he thought was lacking in the West. Before founding WeWork, Neumann founded a children's clothing company, Krawlers.
(With inputs from AP)
14:31 IST, September 23rd 2019