The controversial chief executive of the office space provider WeWork, Adam Neumann, takes his hat off under the pressure of influential financiers. The top management take over the WeWork managers Artie Minson and Sebastian Gunningham with immediate effect, as the company announced in New York. Neumann should nevertheless retain the post as Chairman of the Board of Directors.
Neumann had come under strong criticism after ambitious plans for an IPO ended in a debacle. The stock debut, which was supposed to take place this week, had to be delayed until further notice due to lack of investor interest. Doubts about WeWork's lossy business model, but also about the might of co-founder Neumann, had spoiled investors' appetite.
AFP
WeWork office in the New York Financial District
According to the US media, the company, which was founded in 2010, was still one of the most valuable start-ups in the world with a valuation of 47 billion dollars in January. Before the IPO was postponed, the rating is said to have lain only between 10 and 20 billion dollars. WeWork specializes in providing long-term rented properties to other companies.