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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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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

Updated 1 hour ago - World

Over 3,000 detained in protests across Russia demanding Navalny's release

Russian police officers beat protestesters at a rally against of jailing of oppositon leader Alexei Navalny in Moscow on Saturday. Photo: Mikhail Svetlov/Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 3 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

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