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.

Go deeper

Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.