WeWork Japan has a new CEO just days after Adam Neumann resigned

Business Insider Technology 1 month ago

WeWork Japan has appointed a new CEO, Kazuyuki Sasaki, just days after WeWork boss and cofounder Adam Neumann stepped down amid intense pressure from his board

Before becoming its new CEO, Sasaki served as WeWork Japan's chief financial officer, having started in January 2018. He has also served as its managing director since April of this year, a role he combined with with the CFO post. 

Sasaki's appointment comes a time of intense public scrutiny for the We Company, WeWork's parent firm, after it indefinitely postponed plans to go public last month.

The shared office provider's business modelmanagement practices and company culture have all been subject to criticism and scrutiny. The firm's chief financial officer Artie Minson and vice chairman Sebastian Gunningham were appointed successors to Neumann and will jointly hold the CEO role. Masayoshi Son — CEO of SoftBank, WeWork's largest financial backer — reportedly "lost faith" in Neumann in the days before he stepped down.

Sasaki replaces Chris Hill, who has served as WeWork Japan's CEO since WeWork first entered the country in 2017.

In Japan, there are currently 21 WeWork locations open across 5 cities: Tokyo, Yokohama, Osaka, Nagoya, and Fukuoka. WeWork is also designing SoftBank's new headquarters on the Tokyo waterfront.

WeWork was one of the SoftBank's Vision Fund's biggest bets, with the We Company receiving over $10 billion in investment from the fund in the past two years.

The Japanese tech conglomerate is currently raising for a second Vision Fund, but after WeWork's botched IPO, the biggest backers of the first fund – the Saudi Public Investment Fund and Abu Dhabi's Mubadala Investment Company – are reportedly reconsidering their involvement in Fund 2.


Source link
Read also:
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
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 › 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...
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...
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 › 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
Adam and Rebekah Neumann, the founding couple behind WeWork, left the coworking company after its disastrous IPO. In March, Forbes estimated that Adam Neumann was worth $4.1 billion. Since then, Forbes has downgraded the ousted WeWork CEO, estimating...
Business Insider › Finance › 1 month ago
Some board members at coworking startup WeWork aim to push out CEO Adam Neumann, according to a report from the Wall Street Journal. The board could meet this week and might discuss Neumann becoming WeWork's nonexecutive chairman, the Journal reported...
Business Insider › Finance › 3 weeks ago
SoftBank will reportedly give former WeWork CEO Adam Neumann $1.7 billion as part of a bailout plan for the office rental startup, according to The Wall Street Journal. The report of Neumann's windfall drew a strong reaction from current and former...
Sign In

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

Continue with Google
OR