Adam Neumann tells staff that the spotlight on WeWork provides an 'opportunity to expand our global business to more people than ever before'

Business Insider Finance 1 month ago

Adam Neumann, the embattled co-founder of WeWork who resigned as CEO on Tuesday, sent an email to staff that touts the company's growth prospects even as turmoil embroils the co-working giant.

"The spotlight on us has never been greater than at this moment, and with this visibility we have an opportunity to expand our global business to more people than ever before," Neumann wrote in a staff email, a copy of which was obtained by Business Insider. "I have never believed in our business, our people, and our future more."

Neumann also cited the intense public scrutiny that has enveloped the company since it filed paperwork for its planned IPO as the reason for why he decided to step down as CEO. WeWork this month delayed its highly anticipated public offering after mulling a huge valuation cut to lure investors spooked by its wide losses and unconventional corporate governance.

WeWork said in a statement on Tuesday that it would name two current execs, Sebastian Gunningham and Artie Minson, as co-CEOs. In his email, Neumann called them "proven leaders that embody the ethos of our culture, with track records of scaling world-changing businesses."

Neumann will stay on as chairman. His voting power will drop to three votes per share from 10 votes, a source familiar with the matter told Business Insider.

"As we take this next step in our company's journey, I am equally ready to listen, grow, and continue working relentlessly on my commitment to all of you," he said in the email.

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