Sep 24, 2019

WeWork's Adam Neumann to step down as CEO

Adam Neumann. Photo: Cindy Ord/Getty Images for WeWork

Adam Neumann, co-founder of WeWork, is stepping down as chief executive of its parent company, the We Company, Axios has confirmed. He will become the non-executive chairman of the company while two executives take over as co-CEOs.

Why it matters: For a decade, Neumann was the face of the office co-working company, leading the business to a massive $47 billion valuation before it struggled to get its IPO off the ground over the last couple of weeks.

  • Artie Minson, the company's finance chief and co-president, and Sebastian Gunningham, its vice chairman, have been named co-CEOs by the board of directors (officially, not on an interim basis).
  • Neumann's voting power has also been reduced from 10 votes per share to only 3 per share, a source tells Axios. The company is also making additional changes to ensure he cannot take control of the board in the future.

Go deeper: Latest WeWork drama: SoftBank vs. CEO Adam Neumann

Editor's note: The story has been updated with more information and to note that the new co-CEOs are not interim.

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Scoop: Adam Neumann will determine WeWork's fate

Photo: Michael Kovac/Getty Images for WeWork

Japanese investment firm SoftBank will pay former WeWork CEO and current non-executive chairman Adam Neumann around $200 million to leave the board of directors, give up his voting shares and support SoftBank's takeover, according to multiple sources familiar with the situation.

Why it matters: It's a dramatic — and legally dubious — development in a saga that has seen the embattled company plunge from a $47 billion valuation to below $8 billion. SoftBank's board will vote on Tuesday, but that's irrelevant, since Neumann's 10 votes per share are the only ones that matter. It's unclear if Neumann's successors Sebastian Gunningham and Artie Minson will stay on as co-CEOs.

Go deeperArrowOct 21, 2019

WeWork picks up the pieces after ousting its CEO

Illustration: Sarah Grillo/Axios

When someone makes the inevitable WeWork movie, consider it a remake of the end of Quentin Tarantino's 1992 film Reservoir Dogs. Almost all of the major characters die. The exception is Mr. Pink, who seems to escape, but then we hear police sirens and his fate is left ambiguous.

Driving the news: Founder and CEO Adam Neumann was fired on Tuesday in a boardroom coup that he enabled by recently changing governance terms.

Go deeperArrowSep 25, 2019

WeWork accepts SoftBank's rescue package

Illustration: Aïda Amer/Axios

WeWork said in a statement Wednesday it has accepted a multibillion-dollar rescue package from SoftBank that gives the Japanese firm an 80% stake in the company.

Why it matters: Per Axios' Dan Primack, who first reported that the deal was about to happen, it'a dramatic development in a "saga that has seen the embattled company plunge from a $47 billion valuation to below $8 billion."

Go deeperArrowOct 23, 2019