Read Adam Neumann's statement about stepping down as WeWork's CEO

Business Insider Finance 1 month ago

WeWork co-founder Adan Neumann stepped down as CEO of the home-sharing startup on Tuesday.

Neumann will remain at WeWork as non-executive chairman of the board. Two WeWork executives, Arthur Minson and Sebastian Gunningham, will take over as co-CEO in the interim as the company searches for a permanent replacement.

"As co-founder of WeWork, I am so proud of this team and the incredible company that we have built over the last decade," Neumann said in a statement to Business Insider. "Our global platform now spans 111 cities in 29 countries, serving more than 527,000 members each day. While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive. Thank you to my colleagues, our members, our landlord partners, and our investors for continuing to believe in this great business."

Read WeWork's full statement on the shakeup below:

WeWork's Board of Directors today announced the following leadership changes: Co-founder Adam Neumann has decided to step back from his role as CEO, and will continue on as non-executive chairman of the board. WeWork's Artie Minson, formerly co-president and chief financial officer, and Sebastian Gunningham, formerly vice chairman, have been named co-CEOs of the company. These changes are effective immediately.
 
 
Adam Neumann said: "As co-founder of WeWork, I am so proud of this team and the incredible company that we have built over the last decade. Our global platform now spans 111 cities in 29 countries, serving more than 527,000 members each day. While our business has never been stronger, in recent weeks, the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive. Thank you to my colleagues, our members, our landlord partners, and our investors for continuing to believe in this great business."
 
 
Artie Minson and Sebastian Gunningham said: "We would like to thank Adam for his vision and his passion in building WeWork over the past 9 years. Our innovative membership model, beautiful designs and inventive community offerings have changed the way individuals and enterprises around the world think about their workspaces. It is an incredible honor to lead WeWork during this important moment in the company's history. Our core business is strong and we will be taking clear actions to balance WeWork's high growth, profitability and unique member experience while also evaluating the optimal timing for an IPO. We are committed to the continued success of our members, partners, employees and shareholders on this new journey."
 
 
Board member Bruce Dunlevie, a partner at Benchmark and early investor in WeWork, said: "Adam has overseen the creation of a global platform that supports its members daily, and has grown to more than $4 billion in run-rate revenue in less than ten years. He and the WeWork team have redefined the ways in which people and companies approach work, and brought innovation to the real estate industry. I am excited about the future of WeWork and thrilled to have Artie and Sebastian take the baton from Adam to lead the next phase of growth."
 
 
Board member Lew Frankfort said: "Adam is that very rare breed of entrepreneur who has the vision and drive to conceptualize an enormous business opportunity and then attack it relentlessly. He has created one of the fastest growing businesses in history, and my fellow directors and I thank him for his leadership. Our board of directors is excited to welcome Artie and Sebastian as leaders of WeWork in its next phase, and are pleased by the company's rapid growth trajectory and industry-leading position in the market."


Source link
Read also:
Business Insider › Finance › 1 month ago
WeWork is running into major roadblocks as it attempts to go public. The company's cofounder and CEO Adam Neumann is stepping down amid concerns with his management style and self dealing. In addition to Neumann stepping down, his wife and cofounder...
Business Insider › Finance › 1 month ago
WeWork co-founder and CEO Adam Neumann is stepping down as CEO, according to media reports. The company's biggest backer, several other investors, and some board members were reportedly plotting to remove Neumann as CEO after the flexible office...
Business Insider › Finance › 3 weeks ago
Ex-WeWork CEO Adam Neumann inspired Halloween costumes this year. WeWork has been in the news for its failed IPO attempt and ousting founder Adam Neumann. The company has since been bailed out by SoftBank, and Neumann reportedly received $1.7 billion...
Business Insider › Finance › 2 months ago
Former Twitter CEO Dick Costolo called out WeWork CEO Adam Neumann in a profile of Neumann published Wednesday in the Wall Street Journal. "The degree of self-dealing," Costolo said Neumann, "is so egregious, and it comes at a time when you've got...
Business Insider › Finance › 1 month ago
With the IPO paused for now, WeWork and Adam Neumann gave their first public statements about the company's culture and leadership changes to Business Insider. The statements were issued in response to Business Insider's investigation into Adam Neumann...
Business Insider › Technology › 1 month ago
WeWork Japan has appointed a new CEO just days after WeWork boss Adam Neumann stepped down. Kazuyuki Sasaki replaces Chris Hill, who was WeWork Japan's CEO since the company first entered Japan in 2017. Sasaki previously served as WeWork Japan's...
Business Insider › Finance › 3 days ago
Former WeWork CEO Adam Neumann retains the right to name directors to its board, even after being ousted from the troubled coworking company, Fast Company reported Monday. As part of his exit agreement with WeWork, Neumann can name a director and a...
Business Insider › Finance › 1 month ago
WeWork CEO Adam Neumann has stepped down, although he will stay on as non-executive chairman of the board. Neumann has a net worth of $2.2 billion, down from $4.1 billion in July, according to Forbes. WeWork's parent company, The We Company, filed its...
Business Insider › Lifestyle › 2 months ago
Rebekah Paltrow Neumann cofounded WeWork in 2010 alongside her husband, Adam Neumann, and Miguel McKelvey. Investor pushback has led WeWork to strip back her influence over the company, including removing her from succession planning in the event of...
CNN › Technology › 1 month ago
WeWork CEO Adam Neumann is stepping down amid the the company's disastrous attempt to go public, the Wall Street Journal and New York Times reported Tuesday.
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR